What Is The Financial Power Of Attorney In Missouri?
The financial power of attorney is a document in which a person can appoint an agent that if they become incapacitated during their lifetime, that agent has the authority to deal with all of their financial assets without a court guardianship having to be provided.
What Is The Difference Between A Regular Financial Power of Attorney and Durable?
Traditionally, a regular power of attorney in which, for example, I appoint you as my agent to deal with my financial assets, terminates if I become mentally incapacitated. A durable power of attorney is a power of attorney in which I appoint an agent to deal with my assets if I am incapacitated and it continues in effect even after I am incapacitated.
What Can I Authorize Someone With Financial Power Of Attorney To Do On My Behalf?
Almost any of the things that you yourself can do with your own financial assets. That would include dealing with your bank accounts, being able to sell stocks and bonds, able to sell or buy real estate, able to provide insurance on the assets that I own, dealing with my retirement plan assets, and the list goes on and on. Other things that a power of attorney can do is to authorize you to change beneficiary designations if I become incapacitated or to change the terms of a trust that I have to pass assets upon my death.
Does Each Power Given Have To Be Specifically Mentioned In The Document?
It is not necessary that it be specifically mentioned on the paper, but it is much better practiced to specifically mention it, so that anybody who reads the power of attorney can clearly see that the person using the power of attorney has authority to do what they want to do.
What Are The Factors One Should Consider When Choosing A Power Of Attorney?
The first factor is that the person is honest and is of high integrity and will manage the assets for the person who is giving it the best interest and not in effect use it to help enrich themselves financially. The second factor that should be considered is that the person is responsible and will devote the time and attention to doing the things that are necessary to manage responsibly financial affairs of the incapacitated person.
Can A Person Specify Two or More Agents To Make Joint Decisions On Their Behalf?
Yes. A person can appoint two or more agents at the same time. The the power of attorney can either require that they make joint decisions on their behalf or provide that any one of them is authorized to make a decision without the other one having to join in.
What Are The Pros And Cons Of Multiple Joint Agents?
The pros of having multiple joint agents would be if there is someone, for example, like my wife who I would want to be the power of attorney, but I would feel more comfortable if someone else with greater financial wherewithal and skills than my wife was also helping her. On the other hand, sometimes when more than one person is designated on a power of attorney, it is more difficult for the persons who have been designated to deal with financial institutions that may be comfortable only if there is one specific person that is appointed and that they know has the authority to act.
Are Power of Attorney Agents Generally Compensated?
Power of attorney agents can be compensated, but more often than not, the people who are appointed are appointed to act without compensation or they do not wish to receive compensation.
When Does A Power Of Attorney Take Effect? How Long Does It Last?
A power of attorney can take effect at one of two times. It can take effect if specified in the power of attorney papers immediately, even before I have lost my mental capacity. The second type of power of attorney, which is referred to as a springing power of attorney, only becomes effective once there is a determination that the person executing the power of attorney no longer has the capacity to handle his or her own financial affairs. A power of attorney lasts either until it is revoked, or until the person signing the power of attorney dies. All powers of attorney become invalid and are revoked once the person dies.
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