Do you have a plan for what happens if you’re incapacitated and not able to speak to your own decisions? If not, you should do this in a power of attorney plan.
A power of attorney allows the appointed agent to act on behalf of the principal or the creator. The creator of the document determines whether or not the power of attorney is specific or more general in nature. When the agent can show this document to other organizations, they are able to make decisions including choices about the principal’s real property and finances.
The laws in New Hampshire limit the ability of the agent to give gifts including the gifts that the agent might make themselves unless the power of attorney document crafted by the creator specifically awards that power. Furthermore, a durable power of attorney document also allows the agent to make financial decisions even after the principal becomes incapacitated, but the power of attorney document ends when the principal passes away.
If you are interested in creating a power of attorney document, it only becomes effective when signed by the principal or by another person in the principal’s presence and at the principal’s direction, and acknowledged by a notary public. The agent is also required to sign the POA to acknowledge that they have been appointed as agent and understand their role.
Powers of attorney can grant significant and sweeping powers. The agent typically has access to the principal’s property and finances, meaning that you should select a person you trust to serve in this role. Schedule a consultation with an experienced estate planning attorney in New Hampshire today to learn more about your options.