July 05, 2019 2020
When you have property or real estate, you have a lot of things to be worried about. In fact, you should be thinking about the documents that are important to operate smoothly.
One of the most important documents would be the power of attorney for property because it has greater implications as far as your property management is concerned.
What is the power of attorney of property?
It is a legal document to transfer the power to someone else to handle and manage the principal’s property in his/ her absence. It could be an attorney or an agent or a family member.
Who needs it?
People who are not available always to handle their property or people who work overseas should consider getting a POA. In addition, geriatrics and retired people can also get a POA so that they can be free from the complexities of the management issues.
Whom should I choose?
This is the most important point that you must be considered while preparing your POA. Since this person will have access to all your sensitive affairs that includes your house, property and finances if you want to give the authority to handle your finances along with property, you should choose a person whom you can trust,
The perfect time to assign a POA:
When the principal thinks that he/she is no longer fit to handle or manage the property, he/ she should consider POA, however, it is important that the principal should be in good state of mind while preparing the document, it is a legal requirement.
When will it take effect?
The POA comes into play when the principals can no longer make their own decisions due to various reasons or gets legally incapacitated. And this could be either mental or physical.
Why do I need one?
When you become incapacitated, your family does not have access to make the decisions automatically. Without POA, your family might have to go through strenuous and long processes to make your decisions, which can eventually hurt you and your family. Therefore, it is wise to appoint a POA so that you will not have to deal with troubles later.
The things that you need to know:
The principal must be over 18 years old and should be in the perfect mental state, he/she should understand the value of the assets that he/she wants to put under someone else’s disposal.
The POA is designed in such a way that it would always work for the principal’s interest, in fact, there are instructions for the person to follow while making decisions on behalf of the principal.
Beyond the instructions, the person with a POA cannot do anything else that he/she wishes to do.
How to approach:
The first thing is that it is a legal document and you should know everything about it, you can certainly find a lot of resources on the web but it is advisable that you consult a lawyer while getting ready to prepare a power of attorney for property, undoubtedly, this would help you in understanding the implications of this document.
This is an important document and you should always be careful while preparing it, so, make sure that you understand the above-stated points and consult an attorney who can help you in creating the legal document so that you can have someone handling your property.
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