How Does A Power Of Attorney Work?
A comprehensive estate plan includes an important document called a power of attorney (POA). This document is a device which allows a person to appoint a trusted person, called an agent or attorney-in-fact, to act in their stead in a financial or business transaction.
Are You Taking A Trip But Have A Business Transaction Deadline?
There are several types of power of attorney documents that may serve different purposes. If you are going to be traveling but know you may have a certain business transaction arise while you are gone, you may appoint a trusted person as your agent for that specific task, during a specific time period to sign documents for you.
Your agent may be given authority under the POA for that one particular transaction during a set period of time only. You may revoke or update your POA at any time you are mentally competent to do so.
Springing Power Of Attorney
Another type of power of attorney could be created to spring into action upon a certain event occurring such as your incapacitation due to illness or an emergency accident.
A durable power of attorney remains in effect when you specify authorization to your agent. You give your agent full power to act on your behalf to sign for bank account transactions, real estate contracts or any other business transactions for you.
Don’t Leave It To Chance
Your POA is a powerful legal document, and you must carefully consider your choice of agent. Our attorneys provide personal and intelligent legal counsel with your best interest at the heart of our services. To schedule a free consultation, call 815-534-4402, toll free at 800-465-6208 or contact Demetrius J. Karos, Ltd., online.