POWER OF ATTORNEY FOR PROPERTY
Most POAs for Property usually come into effect when the Grantor ( the person making the POA) has lost capacity. Who determines if they have capacity or not? Usually a doctor or a Certified Capacity Assessor. Other types of POAs for Property come into effect as soon as you have signed – even if you still have capacity. Not only does our firm have to discuss with you when the POA should come into effect, but also, what powers should the Attorney have? Do you have unlimited trust in them? Then you can give them the power to do anything that you could have done except any sort of testamentary disposition (make or change a will, .designate a beneficiary, appoint a new POA). POAs are often abused. Every single dollar must be used ONLY for the benefit of the Grantor. Its important to make sure everyone is on the same page and if not, a professional Attorney such as a bank, trust company or corporate attorney to try to eliminate conflict.
Make sure that you get this document done for you or your family members BEFORE there is any question of your capacity to be able to understand and sign these documents. Many times we get a phone call and it’s obvious that the person no longer has the ability to understand their financial affairs. The only option at that point is to apply to the court to appoint a Guardian and this is VERY costly and should be avoided by getting the estate documents signed sooner rather than later.