Cut line in the Durable Power of Attorney effortlessly

Aug 6th, 2022
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How to Cut line in the Durable Power of Attorney

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hello and welcome to another talk to stew with me stuart magoo so uh in this one were going to talk a little bit about lasting power of attorney do you need it yes should you get it yes should you get both parts yes when should you get it now thats all you need to know in terms of whether or not you should have lasting power of attorney uh you may be in a position where you cant afford to get lasting power of attorney but uh generally speaking youll be in a worse position to afford it if you dont and then it turns out that you need it because if you dont have a lasting power of attorney in place and something should occur that deprives you of your mental capacity and people either need to access your bank accounts or make decisions for you regarding your health and well-being then the route they will have to go down is deputy ship which is very costly and very time consuming and yeah we dont want to go down that road any of us so the question is should you get lasting power of

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A power of attorney terminates when: (a) the principal dies; (b) the principal becomes incapacitated, if the power of attorney is not durable; (c) the principal revokes the power of attorney; (d) the principal revokes the agents authority and there is no co-agent or successor agent, or no co-agent or successor agent
A general power of attorney allows the agent to make a wide range of decisions. This is your best option if you want to maximize the persons freedom to handle your assets and manage your care. A limited power of attorney restricts the agents power to particular assets.
Disadvantages Your loved ones competence at the time of writing the power of attorney might be questioned later. Some financial institutions require that the document be written on special forms. Some institutions may refuse to recognize a document after six months to one year.
They are powerful. It can give another person (or persons) the ability to act on your behalf with regard to all financial and medical matters. They are typically able to engage in such actions, without your direct oversight, because the document allows for that.
A general power of attorney grants broad powers to an agent. Essentially, the agent has the same authority as you have to make decisions, handle your financial affairs and manage your assets. One notable exception to this is that agents cannot gift money or property belonging to the principal to themselves.
Through the POA, you serve as an agent and fiduciary for the principal. That role makes you responsible for properly managing their money, assets, and debts. And that includes decisions on how to handle their debts.
Disadvantages Your loved ones competence at the time of writing the power of attorney might be questioned later. Some financial institutions require that the document be written on special forms. Some institutions may refuse to recognize a document after six months to one year.
A general power of attorney allows the agent to make a wide range of decisions. This is your best option if you want to maximize the persons freedom to handle your assets and manage your care. A limited power of attorney restricts the agents power to particular assets.

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