An Agent can be authorized to:
- Buy and Sell Property/Real Estate
- Manage all Money
- Checking Accounts
- Savings Accounts
- CD's (Certificate of Deposit)
- Money Market Accounts
- Etc.
- Buy or Sell Personal Property
- Furnitur
- Collections
- Clothes
- etc.
- Mange/ Access Safe Deposit Boxes
- Buy Insurance and Handle Retirement Plans
- Handle Tax Matters
- Initiate/ Defend Litigation
- Aquire Social Security Benefits
- Deal with Stocks, Bonds, and Options
- Borrow Money in Principle's Name
- Make Gifts for Principle
- Name/ Change Beneficiaries
- Revoke/ Amend a Trust
What the Power of Attorney does not include:
- Actions After Death
- Powers of Attorney are legal documents that are effective during the life of the person who creates them. (Except for Organ Donation under Health Care POA's)
- Ensure that they have a will
- If they have children, ensure that their Will designates who will care for those children
- Encourage them t find an administrator for their Will who has the time and abilities to handle that job
- Things for the administrator to consider;
- Taxes
- Urgen Needs:
- Money for spouse and children to live on before the life insurance check arises