Power of Attorney
A power of attorney, or POA as people in the know say, is someone you pick to speak for you, legally and financially, when you can’t speak for yourself.
This is a person you pick to take care of your finances when you can’t do it yourself. It’s mostly used in the event of health or mental issues.
Your POA has power over everything involving your finances. This includes paying bill, managing bank accounts, overseeing investments, signing contracts, and filing your taxes.
Someone who’s good with money and paying bills on time; ability to collaborate with attorneys, accountants and other finance people also a plus; A person who’s not going to loot your savings account and run off to Vegas the moment you get a head cold.
When you die, the POA dies with you. Well, not the actual person serving as your POA. The legal power he or she has over your estate is no longer in effect after death.
You can create a POA online or with an attorney. It’s a relatively simple form but for it to be official you’ll have to get it notarized, which you can get at a bank, post office or local government office.
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