A power of attorney is a legal document that gives a trusted party certain rights. For example, a medical power of attorney gives the authorized person, called the 'agent,' the ability to make medical decisions on your behalf if you cannot make them yourself.
Financial Power of Attorney
A financial power of attorney gives the agent the ability to manage your financial assets, including business, paying bills, and managing accounts.
Power of attorney does not give the agent the right to do whatever they want, and they are still required to abide by the law. An agent with a financial power of attorney can only manage your assets to your benefit and has no right to the asset itself.
A power of attorney that comes into effect as soon as it is signed and notarized is called 'durable.' It is the most commonly used because it allows the agent to start acting for your benefit immediately or whenever necessary from that point on.
Another type is available that only becomes valid upon your incapacitation and is referred to as a 'springing' power of attorney. A Power of attorney is no longer valid once the principal passes away.
For a power of attorney to be a valid document, it must be signed in the presence of a notary public with at least one witness.
Schaumburg, IL Power of Attorney
If you have more questions about a power of attorney or would like to begin making one contact our law office today.