WHAT POWERS ARE GRANTED THROUGH A POWER OF ATTORNEY?
Jan. 18, 2019
Throughout people’s lives in Missouri, there are many things they need to take care of for themselves. This includes daily tasks such as eating, going to work, paying bills, taking care of their children and other daily activities. People also from time to time have to attend to more important issues such as buying houses, opening investment accounts and other larger economic matters. Then once they do make those types of purchases and decisions they must ensure that they pay for the costs and manage them.
While it can become stressful at times to do all these things most people can take of all their responsibilities on their own. However, life is unpredictable and sometimes people are severely injured or develop a disease that makes it impossible to take care of their financial responsibilities. So, just like people plan for where their property will go after they pass through estate planning, people also can plan for situations when they are still alive, but incapacitated and unable to make decisions for themselves.
The document that people would need in these types of situations is called a Power of Attorney. This document grants another person the authority to take a number of actions on behalf of the incapacitated person. This general authority includes being able to consent to and execute real estate transactions, enter into contracts, sign security agreements, tax documents, sign for legal documents and many other types of documents. The authority also allows the person to hire various professionals to assist in these matters such as real estate brokers, attorneys, accountants and others.
There are many unpredictable events that occur throughout people’s lives in Missouri. So, before they occur people should plan for them because after they occur it is too late. One of the ways people can plan for tragic events which leave a person incapacitated is a Power of Attorney to ensure that their financial responsibilities will be taken care of when they are unable to do so themselves. Experienced attorneys understand the requirements of these documents and may be able to guide one through the process.