Power of attorney is a particularly important and useful estate planning tool. It enables the settlor to bestow powers of attorney on another person in order to manage his financial affairs. There is also a specialized form, called durable power of attorney. If you are considering either it is important that you consult an experienced Clermont estate planning attorney.
A power of attorney includes two main individuals—the grantor, who creates the power of attorney, and the agent or attorney-in-fact, who is granted power over the grantor’s financial and other affairs. The breadth and scope of these powers is entirely up to the person who is granting the powers. The person may want only his financial affairs handled. He might grant power of attorney for only one thing, such as the sale of a house or the raising of his children should something happen.
A Clermont estate planning attorney will tell you that, because of the amount of power that is being placed in the hands of the agent, it is important to choose the person wisely. Make sure it is a friend you trust implicitly or a close relative who does not have a conflict of interest.
You may also want to grant the power to make decisions about your health should you become incapacitated. This is called the durable provision, and it remains in effect either until you die or get better. Your Clermont estate planning lawyer will discuss with you whether the durable provision will be useful in your situation.
An agent is expected to act in the best interests of the grantor in all decisions that he makes. He should keep a detailed account of all transactions, and in all ways behave in a transparent way. It is important to note that the powers of attorney granted end upon the death of the grantor.
If you are interested in learning more about power of attorney, contact a Clermont estate planning attorney today. Call Merideth Nagel, P.A., Attorney at Law, at 352-404-4634 or toll free at 877-580-6868.
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