Given how common they are, you may have already executed a Power of Attorney (POA) and/or been named as the Agent under a POA executed by someone else. Unfortunately, a Power of Attorney is also one of the most frequently abused legal documents. One reason for that is that all too often the person creating the POA does not truly understand the power and authority conveyed in the document. If you plan to incorporate a Power of Attorney into your estate plan, you need to understand the difference … [Read more...] about What Is the Difference between a General and a Limited Power of Attorney?
Has someone you know asked you to execute a power of attorney naming them as your Agent? If so, do not sign the power of attorney without having an experienced Missouri estate planning attorney review it first. Although a power of attorney, or POA, is a commonly used legal tool, it can also be a powerful tool that should only be executed if drafted, or at least reviewed, by an estate planning attorney. What Is a Power of Attorney? At its most basic, a POA is a legal agreement that allows you … [Read more...] about Why You Should Never Sign a Power of Attorney Without Having an Attorney Review It
A power of attorney is one of the most commonly used legal documents, particularly in the area of estate planning. As such, there is a very good chance that at some point in your life you will wish to create a power of attorney, or POA. As with all legal documents, the best way to ensure that your POA accomplishes what you intend it to accomplish and is error-free is to have your estate planning attorney draft the document, or at the very least review one you are considering using. Although a … [Read more...] about Mistakes to Avoid in a Power of Attorney
A power of attorney is a commonly used estate planning tool that can fulfill several important purposes when drafted properly and used correctly. Unfortunately, people frequently agree to execute a power of attorney, or POA, without fully understanding the authority conferred in the document. While the concept behind a POA is rather simple, the various types of powers of attorney that are available and the subtle nuances of the language used in a POA can result in misunderstandings and … [Read more...] about When Does A Power of Attorney Become Effective?
At some point in your life you will likely be asked to execute a power of attorney, or POA, or you will contemplate the need for one. A POA can be an extremely useful legal tool when used appropriately and carefully. Just like all legal tools, however, there are most advantages and disadvantages to using a POA. Before you consider executing a POA it is best to understanding the disadvantages of a power of attorney. A power of attorney is a legal arrangement wherein you give someone (known as … [Read more...] about What Are the Disadvantages of a Power of Attorney?
People often include at least one power of attorney among their estate planning documents. When drafted and used properly, a power of attorney, or POA, can be an extremely useful estate planning tool. Unfortunately, people often execute a POA without a thorough understanding of what the document means and/or the power granted to the Agent as a result of executing the document. For example, can your Agent under a power of attorney make a gift on your behalf? This is one of many questions people … [Read more...] about Can Your Agent under a Power of Attorney Make a Gift on Your Behalf?
If you are like most people, you have a general understanding of what a power of attorney is; however, if you are considering executing a durable power of attorney in Missouri you should have a very precise understanding and spend a considerable time thinking about the matter prior to agreeing to sign one. A power of attorney is a legal document that allows you (known as the principal) to designate someone as your agent in legal matters. There are a variety of types of powers of attorney. … [Read more...] about Should I Execute a Durable Power of Attorney in Missouri?
While your Last Will and Testament serves as the cornerstone of your estate plan you will likely wish to include a variety of other strategies and tools in your overall estate plan that will complement your plan. One common addition to an estate plan is a power of attorney. A power of attorney, or POA, is an extremely flexible legal tool that can be customized to fit your specific needs and objectives. A durable power of attorney for property is a specific type of POA that people often use as … [Read more...] about Durable Power of Attorney for Property in St. Louis: What Are Its Advantages?
There may come a time when you need to have the legal authority to make important decisions for a spouse, family member, or loved one. While there are some decisions that a spouse may make as a matter of law, even the authority of a spouse is not always as clear as you may think it should be. If your relationship is only that of a family member or loved one you may find that the law does not allow you to make any decisions without a court order unless the possibility of incapacity was planned … [Read more...] about Guardianship vs. Power of Attorney in St Louis Missouri
At some point in your life you may be asked to sign a power of attorney, or POA. You may also decide that you need to create one for one reason or another. A POA can be a very useful estate planning tool when used properly; however, many unsuspecting victims are also swindled out of huge amounts of money and/or assets by executing a POA in favor of the wrong person or by signing one that gives someone too much authority. For this reason, it is important to understand a general vs. limited power … [Read more...] about Powers of Attorney in St. Louis MO: General vs. Limited POA – Which One Do I Need?