Many people believe that they only need to create a power of attorney in the event that they are incapacitated or no longer of sound mind. This is certainly not the case. You may find yourself needing to create a power of attorney for various present-day situations. Read on to learn more.
What is a Power of Attorney?
A power of attorney allows you to choose an individual to be in charge of your finances and other important decisions on your behalf. Usually, you will select a close friend or family to entrust with this role. This individual, when given the right, can pay your bills, make bank deposits/withdrawals, obtain medical records, file tax returns, buy or sell property, hire caretakers, transfer assets to trusts, and more.
Why Would I Need a Power of Attorney?
When it comes to buying a house, you may need to create a power of attorney. This may seem confusing. Often, a power of attorney is used to make decisions for someone who has become incapacitated. But, powers of attorney are commonly used when it comes to things like real estate. This is because you may not be able to sign some necessary documents later on, for a variety of different reasons. For example, what if you have moved away to a new home before your old home has closed? You may not be able to return to sign the documents necessary for the closing. In this case, a power of attorney can allow someone to sign for you. You may also need to create a power of attorney when it comes to buying a car, and a number of other situations.
How Do I Create a Power of Attorney?
If you are interested in creating a power of attorney, you should reach out to a skilled estate planning attorney. There are a lot of things to know when it comes to creating a power of attorney. For example, how long should it last? How much responsibility should be given? An estate planning attorney will help make sure that you create the right document to meet your needs.
If you are interested in creating a power of attorney for real estate purposes, contact our firm today. We are here to walk you through all of your estate planning needs.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.
