A Power of Attorney is a document that appoints another person, called an “Attorney”, to deal with your business and property and to make financial and legal decisions for you. This might include paying bills, depositing or withdrawing money from your bank account, investing your money or selling your house. It can be very specific, granting your Attorney power to deal with a specific task such as selling a certain piece of property. It can also be very general, giving your Attorney the power to do anything that you could do on your own. A Power of Attorney can be useful if:
Among other requirements, you must be mentally capable at the time you sign any type of power of attorney for it to be valid. In general, to be mentally capable means that you are able to understand and appreciate financial and legal decisions and understand the consequences of making these decisions.
It is a good idea to plan ahead for a time when you need help managing your financial and legal affairs. A Notary can help you to appoint another person or persons to handle your financial and legal affairs on your behalf in the event you are unable to do so yourself or need assistance.
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