Power of Attorney
Power of Attorney allows you to appoint someone to make legal and financial decisions on your behalf.
People are often nervous about giving a power of attorney to someone else. For those of you that don’t know what a power of attorney is – it allows you to appoint someone else to make legal and financial decisions on your behalf. For instance, the person you appoint in your power of attorney could be able to sign checks and contracts on your behalf. Clearly, this has to be someone that you trust. Many people hesitate to give someone else this power because it can be abused. People have heard horror stories of someone using a power of attorney to clean out bank accounts, to sell stock portfolios, or to take on debt in someone else’s name.
In 2010, Delaware created a totally new form that must be used by statute. This new form actually lists separate individual powers. The person executing the form has to initial next to each power that they want to grant. It is no longer just a “blanket” document. This makes it less scary. And should allow a person to feel comfortable enough to execute a document yet feel assured that power will not be abused.
Everyone should think about having a power of attorney. You never know what is going to happen and having someone designated to handle the legal and financial affairs that you designate is worthwhile. We at the Law Offices of Murray Phillips & Gay will be glad to sit down with you to discuss this so that you can make an informed decision. If this is something you are interested in, give us a call at 855-9300 or contact us.