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Eight Power Of Attorney Mistakes

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To begin with, the power of attorney is a legally effective document that states your agreement to give somebody else (a relative, a friend, or an employee) an authority to make special decisions or to do several things on your behalf. It is recognized in common law and civil law systems. It could be a legal or a business matter. The agent is showing problems with managing their own finances, then it may not be a good idea to trust your own finances to them. Work experience. It may be important to choose an agent or an attorney-in-fact that has experience or level of expertise in finances or in legal matters. Organization and documentation skills. Although power of attorneys are often given for a specific period of time, some principals, or those who are giving the power of attorney, can extend the contract until something happens to them like when they become terminally ill or when they become gravely injured. This however should be plainly stated on the contract for the power of attorney. The decisions can be made by the agent once the principal is no longer able to do it for himself or herself. This type of durable powers of attorney takes effect when the principal has become mentally incapacitated or has a terminal disease. It grants the agent the right to decide on what to do with the principal s remains after his or her death, as well as donate the organs for educational, scientific, or transplant purposes. It is important that you appoint an agent who is well skilled and knowledgeable in handling and managing finances. If he/she is not, at least he/she should be willing to seek appropriate help from the experts. Your power of attorney would give the person the authority to handle your financial affairs. You also need to discuss with your agent your wishes in specific instances such as the kind of medications you want and don t want to take when you are unconscious. In doing so, you can rest assured that everything goes smoothly as you planned when you are mentally incapacitated. Another power that you can grant to a trusted person concerns your health care. 

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