Organize, Part 4, Power of Attorney
Feb 15General Power of Attorney
With a Will and Minnesota Health Directive done, the next item on my TO DO LIST was to generate a General Power of Attorney for the both of us. This document gives someone the authority to act on my behalf on the following types of transactions:
- Real Estate Transactions
- Tangible, personal property transactions
- Bond, share and commodity transactions
- Banking transactions
- Business operating transactions
- Insurance transactions
- Gifts to charities and individuals
- Claims and litigation
- Personal affairs
- Benefits from military service
- Records, reports and statements
- Access to safe deposit box
- All other matters (other than medical which is covered under the Minnesota Health Care Directive)
This Power of Attorney shall not be affected by the subsequent disability or incompetence of the Grantor.
We executed ones for each other and again as a backup executed ones with our adult child to act on our behalf in the event we are not able to. This document could be used if we are out of the country and something needed to be done in our absence to a situation where one or both of us are disabled, incapacitated or declared incompetent and documents needed to be executed, expenses paid, home sold or other transaction that needed our approval.
Getting a Power of Attorney in place for unexpected events is like another layer of insurance of being in control of your life and all the things that can occur. Having this document is a backup plan to keep things moving smoothly in the event you cannot be present. It’s a document waiting in the wings to be used and may never be used but will give you peace of mind.
Action Step: Consider executing a Power of Attorney for you and your loved ones as part of your overall game plan.
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