What is a Power of Attorney?
A power of attorney in Hurricane, Utah is a legal document in which one person gives to another person authority to act on behalf of the principal, or individual that granted the power.
This responsibility most often comes into play when the “principal,” the individual who drafted the power of attorney, becomes too incapacitated to make decisions for themselves. Their trusted “agent” will instead make those decisions for the principal.
In other words, a Power of attorney can be helpful to older people and others who want to choose a trusted person to act when they cannot.
What Does a Power of Attorney do?
The responsibilities that a power of attorney may carry out include:
- handling bank accounts
- selling real property
- running a business
- applying for public benefits
- Signing legal documents that the principal cannot sign
- Making healthcare decisions for the principal
- Completing Financial Transactions
However, A power of attorney in Hurricane, Utah can also be restricted to one or more specific task(s). Rather than giving them the power to everything, for example, you can delegate authority to any or all of the following:
1) file and pay your taxes;
2) collect Social Security, Medicare, or other government benefits;
3) buy, sell, maintain, pay taxes on, and mortgage real estate and other property;
4) use your assets to pay your everyday expenses and those of your family;
5) invest your money in stocks, bonds, and mutual funds;
6) manage your retirement accounts;
7) transfer property to a trust you’ve already created;
8) handle transactions with banks and other financial institutions;
9) buy and sell insurance policies and annuities for you;
10) operate your small business;
11) hire someone to represent you in court.
Additionally, a principal may also appoint two or more people to act as co agents that may act independently or together.
Why do I need a Power of Attorney?
Life is very unpredictable, and although it is not something that we want to think about, something could happen to you or a loved one at any time.
When getting a Power of Attorney in Hurricane, Utah in place, you are sparing your family and friends the unpleasant task of making such decisions in a stressful time.
A power of attorney can be a helpful legal tool. It allows someone else to handle a person’s financial matters without the need of more complex arrangements like a trust or a court-appointed guardian or conservator, which removes many or all of the person’s decision making authority.
Secondly, a power of attorney can also help protect against possible financial exploitation and abuse.
Termination of power of attorney or agent’s authority
If for any reason you feel that you need to revoke or change your power of attorney in Hurricane, Utah, you may do so at any time.
According to the Utah State Legislature, “A power of attorney terminates when:
(a) the principal dies;
(b) the principal becomes incapacitated, if the power of attorney is not durable;
(c) the principal revokes the power of attorney;
(d) the power of attorney provides that it terminates;
(e) the purpose of the power of attorney is accomplished; or
(f) the principal revokes the agent’s authority or the agent dies, becomes incapacitated, or resigns, and the power of attorney does not provide for another agent to act under the power of attorney.” –Utah State Legislature
How can I get a Power of Attorney?
Power of Attorney In Hurricane Utah
If you are interested in getting or learning more about a Power of Attorney in Hurricane, Utah or need help with a Power of Attorney you have already appointed, our team at Ruesch & Reeve, PLLC is here for you. Our experienced team is ready to help and answer any questions.
86 North 3400 West
Building C Suite 101
Hurricane, Utah 84737