In that agreement, the person who’s receiving the right is called the agent or attorney-in-fact, and the person who’s giving their right to make decisions is known as the principal. P ower of attorney (POA) is a legal agreement that gives one person the right to make binding decisions on behalf of someone else. Get a clear definition of what power of attorney is, how it works, the types of power of attorney, and how to go about the process. If you’d like to know about how to get a power of attorney but aren’t sure where to start - we’ve created this guide with everything you need to know. But if your folks are incapacitated, you have to take a different approach and petition the courts for legal guardianship or conservatorship. If your parents aren’t currently suffering from dementia or any condition that has lessened their ability to process information and make logical decisions, you and they can execute a power of attorney (POA). You need the legal right to manage their finances, which you can get in one of two ways, depending on the situation. Of course, that doesn’t mean you’ll simply start signing checks for your parents. Unfortunately, it’s not uncommon that a parent would need an adult child’s help managing the finances, particularly if that parent starts to lose mental sharpness or the ability to make logical decisions. And while that was a long time ago, you may not be ready for those roles to reverse, with you taking the financial lead for your parents. You might remember your folks helping you open your first bank account and write your first check.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |