Can I protect my estate by signing a real estate power of attorney?
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Can I protect my estate by signing a real estate power of attorney?
We should first note the definition of a power of attorney.
*This is a document, when signed and notarized, gives someone else, usually a friend or relative, the authority to make certain decisions and act on your behalf to protect your best interests.
This person does not have to be an attorney, but the term is used merely to refer to the fact that this appointed person might act on your behalf.
Also, just because you sign a power of attorney, does not mean that you give up the right to make decisions for yourself. It simply allows another person to act for you if need be. Things that a person appointed as having a power of attorney for you may include would be to spend your money, i.e. cash checks and withdraw money from your bank account; pursue insurance claims and also, to enter into binding contracts on your behalf, such as real estate contracts. This may include buying or selling real estate.
Some argue the necessity for establishing a real estate power of attorney in the event you become mentally incapacitated to avoid a court stepping in to appoint a guardian or conservator on your behalf.
Remember, when choosing a power of attorney, select someone that you trust and know understands your point of view and that would respect your wishes should he/she become involved in your affairs.
