The show goes on whether or not you are there to take part in it. There may come a day when you need to pay debts or make important financial or business decisions but are unable to do so because of incapacitation or being otherwise unavailable. This is why establishing a Financial Power of Attorney could be a key part of securing your future and your legacy.
Who Needs a Financial Power of Attorney?
A Financial Power of Attorney has the ability to conduct business in your stead. Anyone who is dealing with large business decisions, handling expensive assets, facing deadlines on debts, or caring for dependent children can benefit from establishing one.
Drafting Your Document
Your Financial Power of Attorney (POA) document will need to provide the specifics of who you have chosen, what powers they will have, the circumstances that must be present for them to execute their authority, and how the POA can be revoked. Both you, the chosen individual, and a notary public must sign off on the document in order for it to go into effect.
Choosing the Right Person
Our law firm pushes our clients to establish these to ensure their business and personal financial matters are taken care of. One of our biggest focuses remains on choosing the right person for the role.
A Financial Power of Attorney is not as simple as just picking someone just to have one in place. This person should be someone you trust with your life, so to speak. They need to be financially savvy and familiar with the matters you have them dealing with.
If you are managing real estate matters, they should be familiar with real estate contracts and transactions. If you are running a business, they should be familiar with the inner workings of your business or at least caught up on the decisions they may have to make for you. However, note that your company documents may prohibit this person from acting or may supersede the POA, so your business documents must be reviewed as well. If you are paying off debts, they should have access to the necessary accounts and understand the deadlines you have to pay those debts.
There is nothing requiring you to choose a family member or a business partner. This person should, however, be accessible if something suddenly makes you unavailable to make decisions for yourself.
At The Law Offices of Tyler Q. Dahl, we care about making the right decisions. We can draft your power of attorney documents to ensure you have durable coverage for financial and business decisions when you need it most. Contact our offices and we will not only help you draft your documents but also assist you in appointing the right person for the job.
Dahl Law Group
