"beverly rice" "what is a power of attorney"

A power of attorney (POA) is a legally binding document that allows you to appoint someone to manage your property, medical, or financial affairs. Although it can be uncomfortable to think about needing it, a POA is an important part of your estate plan. A POA is typically used if you cannot manage your affairs.

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What is a power of attorney (POA)?

A power of attorney (POA) is a legally binding document that allows you to appoint someone to manage your property, medical, or financial affairs. Although it can be uncomfortable to think about needing it, a POA is an important part of your estate plan.

What can you do with a special power of attorney?

Selling property (personal and real), managing real estate, collecting debts, and handling business transactions are some of the common matters specified in a special POA document. Key Takeaway: This power of attorney applies only to specific powers listed in the document and is more limited than a general POA.

Is a power of attorney legally binding?

No power of attorney document is legally binding before it's signed and executed according to the laws of your state. This means that no agent can make decisions on your behalf before the POA document goes into effect. You must also be of sound mind when you appoint an agent.

What is a durable power of attorney?

This is simply a POA that has a durability provision to keep the current power of attorney in effect. You can specify in your POA document whether you would like your agent to have authority once the document is signed or once a doctor declares you incompetent.