Estate Planning: Power of Attorney

It cannot be denied that there are people who are helpless in terms of financial management over their own properties. This situation will expose them to fraudulent people and scammers who will take advantage of their weakness and lead them to possible bankruptcy in the future. However, people need not to worry because there ways in which this can be avoided.

One of the most viable options is to make use of the power of attorney in management of their finances. This power of attorney should be applied for and be approved by courts in order to take effect and to assure individuals that their properties are properly managed. The power of attorney is a legal document that allows individuals to exercise their rights using another person who has been authorized by the law and the person himself.

The functioning power of this document may be carried by a single or many persons. However if there are transactions that require the approval of all concerned individuals, a team consensus will be needed. This is the only apparent disadvantage of this document. The contacting procedure in case of persons who are located at distributed locations can hamper the speed at which one transaction may proceed.

As an example, in the sale of a piece of land, there must be signatures provided by all owners of the property in case of joint ownership. If the authorized person will sell the land, he must first secure the permission of all owners indicated in the land title. This will cause delays in the sale of the property if signatories are located in separated and far places, visit website here!

In special cases, persons may avail of a special legal right called Power of Medical Attorney. This is given to lawyers as the right to decide on matters when their client is deemed incapable of making sound decisions due to a medical condition. An example is when a person who encounters an accident has no immediate known relatives and there is a need to make decisions regarding his condition.  For more info about real estate, visit http://www.ehow.com/how_4810263_build-real-estate-website-free.html .

If there are relatives on hand, a guardianship can be availed of instead. This allows close relatives, friends, or trusted entities to make decisions on the behalf of the person concerned.  There are conservatorship, guardianship lawyers which help in special cases.

It is important to involve an attorney at this link in estate planning. The above is an overview of what you should know about power of attorney in estate planning.