You do not have to take all the burden of conducting your personal and business affairs even if you are physically incapable of doing so. Not everything should fall on your shoulders, especially if you become ill or if you have to be in other places. With a proper power of attorney template, you can safeguard your personal and business affairs. Proper preparation is the key to making this happen. Otherwise, you might realize that you have overburdened yourself and have caused a heap of mess in unfinished business.
Who to Designate in a Power Of Attorney
There are different ways by which you can safeguard your personal and business affairs with a power of attorney. With this document, you delegate some aspects of decision-making to another person capable of making such decisions. In most cases, the person you designate is a close relative or, in the realm of business, somebody in the know of the concerned affairs. In my own set of Powers of Attorney, I have designated different people for specific areas of my personal and business affairs.
I have a standing power of attorney for my husband to take care of any necessary financial transactions involving the family funds, even in my absence. While we do have joint accounts and properties that we can both make decisions on, some transactions require both of us to be present and sign any legal documents. In case I am not around, he can use the power of attorney that I executed earlier. I also placed the disposition of family properties on his shoulders with a separate Power of Attorney. Both legal documents have been checked by our family lawyer, notarized, and registered in the state records.
Wise Investment Decisions Made Quicker
We have also opted to issue our stock market and securities broker a POA in a bid to maximize our account’s profit potential. This move is only advisable for those who have an established relationship with their brokers. Granting a Power of Attorney to a broker only works best if you already know your broker’s trading style and have found their past trading decisions and recommendations to be acceptable. If you have a broker with whom you are compatible in trading style, it will save you the time and trouble of making the trading decisions on your own.
My husband and I have also talked about growing old together and the dire possibility of us falling ill. It might sound quite morbid, but we both feel that it is not wrong to prepare for such circumstances. Although the advances in modern technology have given rise to many new modalities of treatment, we both believe that there is a limit to what science can do. We agreed that we do not want the experience to be too difficult, both for the one on the hospital bed and the one by the bedside. We each executed a power of attorney with instructions that the other be given the power to decide what kinds of medical treatments to allow or when to release the other from the life support system.