A Power of Attorney (POA) is an important legal document created that assigns the responsibility of acting on one person’s behalf to another. The person who is delegating their responsibility is known as the principal, and the person who will be acting in charge is the agent or attorney-in-fact.
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The POA document gives the agent the authorization and power to act on your behalf. The reason why signing this document is important for both parties (the principal, aka you, and the agent) is that it sets out all the terms and conditions of the level of delegation of responsibility and control the agent has over your assets and belongings.
Some of the parts that are usually added to a POA document include:
The outline and structure may sound quite similar to a will, but a Power of Attorney and a will are two different legally binding documents. The main point of difference is that a will can only come into effect after the testator or the principal (you) has passed, while the Power of Attorney can only be applicable while the testator or the principal (you) is still alive.
A Power of Attorney document may seem like an extreme measure for safeguarding your assets. It gives someone else the responsibility for your belongings in case of the worst-case scenario, and you never expect the worst-case scenario to take place. But that is not the case. It is a very practical and necessary document that you should have in place so that your affairs are in order. It delegates roles and responsibilities to one person, or even multiple persons, in case of any event occurring, which makes it a lot easier for those close to you to be able to manage your estate and your assets in your temporary absence. It will provide clarity in a time of confusion for those close to you as well, which is necessary for certain scenarios.
Having a Power of Attorney is also a safer option for you and your assets. You get to play the deciding role in creating the terms of how and where your capital and assets will be used. By doing so, you also end up protecting your assets from misuse and mismanagement and you are always protected in case of any fraudulent activities.
You also get to choose who can manage what responsibilities in the duration of your absence. You don’t need to have just one Power of Attorney. You can delegate multiple roles to multiple people who can take charge of different aspects of your life. Your partner can be in charge of all the medical responsibilities, your sibling or next of kin can be in charge of the wealth management aspect, and so on. This way you can divide the delegations to suit your needs and preferences and you have full control of what happens when you are not around.
Having a Power of Attorney also helps those in the military background to manage their assets when they are on duty. You might not be around most of the year, or for a few years, but that does not mean that your capital needs to stay as is when it can be managed and invested in to make better financial decisions.
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If you are looking to delegate a Power of Attorney in Portland, Beaverton, and Hillsboro, our team of professionals at PDX Signing will help you with the documentation verification process. The most important documents that you as a principal will be required to have are:
