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Protect Power Of Attorney

Protect Power Of Attorney

Aug 6th, 2022

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How to Protect Power Of Attorney

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In this video, estate planning attorney Paul Rabale discusses eight common mistakes people make when dealing with power of attorney (POA). The increasing popularity of this topic is attributed to longer life expectancies, leading to more individuals facing incapacitation during their lifetime. Rabale emphasizes that creating a POA is not as straightforward as it may seem. Unlike other estate planning documents, POAs involve complex issues related to money, property, investments, and family dynamics, which can complicate matters significantly. Additionally, various regulations and requirements from financial institutions and title companies further contribute to the complexities surrounding POAs.

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

How powerful is a POA?

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.

Is there a way around power of attorney?

The principal may revoke the POA by creating and signing a revocation form; A court-appointed guardian may request the termination of a particular agents authority; and. An interested party (usually another family member or close friend) may petition the court to terminate the power of attorney.

What is the best POA to have?

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.

What are the disadvantages of power of attorney?

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.

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