If you need to establish a durable power of attorney, take note that you are providing your agent the following authority: withdrawing your money from bank accounts and spending it; selling your property; and pursuing legal actions and insurance claims. If you are uncomfortable with the setup, you may decide not to get a durable power of attorney or any form of power of attorney at all. Take this scenario as an example: you are selling a property and in a few weeks, you are going to be out of the state for a business purpose. Now, you might be worried that an interested buyer would visit your home while you are away. If you have authorized someone to take charge of your property in your absence beforehand, then you can rest assured that the sale would be properly negotiated and hopefully, a deal would be closed even if you are not present. This means that the agent enjoys the same amount of privileges and access to the assets of the principal. For example, the agent can have access to the safety deposit box of the principal and transfer sales or investments, among other powers. Entrusting all your assets and personal affairs as a principal is like entrusting your life to your attorney-in-fact. You don t have to go to your business meeting in say Uganda to sign documents. You can just send a representative with the power of attorney and that person can sign the contract for you. But for all its benefits, the power of attorney can also be a bane when not done the right way and when put into the wrong hands. When choosing the best agent to represent you, then it may be important to consider the amount of time they can spend on managing financial and legal matters. Location. Choosing an agent who does not have to be far from the principal and the property is a better choice. Capability. It is important to consider an agent that has the ability to manage the principal s property and legal matters. Of course, it could be revoked especially if you are no longer comfortable about the kind of service or performance your agent is giving you. Be reminded that it is your right to revoke any authority you provide a person through a power of attorney anytime. You should accomplish a revocation form and distribute copies to all institutions and agencies that could be concerned with transactions, including hospitals and banks.
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