What Is A ‘Power of Attorney For Property’ And Why You Need One
Just south of ‘Sawmill Creek…..
Hi Attorney Kevin Pritchett here
“What Is A Power of Attorney For Property?”
A Power of Attorney For Property is a document you sign that gives the person you designate the power to handle business matters for you in the event you are unable to make decisions for yourself.
A Power of Attorney For Property is only applicable while you are incapacitated and alive. Once you become able to handle your affairs, the person named is no longer entitled to handle your affairs. Alternatively if you die, the document is no longer valid.
“Ok..But Why Do I Need A Power of Attorney For Property?”
Glad you asked!! Let’s assume you have dementia and are no longer possessed of a mental state considered necessary to knowingly handle your business affairs. In other words, in this example, you do not have the mental capacity to transact your business affairs.
With a valid Power of Attorney For Property
the person you name in that document to handle your business affairs can carry on for your benefit without your heirs having to file a petition in Probate Court to be named as a guardian.
Eliminates The Expense And Delay of Probate
Without this Power of Attorney For Property in the same situation above, your family would have to file an expensive and time consuming petition with Probate Court for someone to be named administrator or guardian so as to transact your business.
Besides the expense of hiring a Probate Attorney ($2500 to $5,000 minimum Retainer plus ongoing hourly legal fees), the case could take 12-18 months to resolve. Add THAT potential cost up at $375/hour!!!
Reach Out To Me If You Have Questions.
If you have comments or questions about any of this…send me an email :
ironkop@gmailcom
or if reading on my blog or Facebook page leave your questions or comments below.
Remember…..
“Things Don’t Get Better With Neglect…..”
Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc
ironkop@gmail.com
www.KevinPLaw.com
312-505-1957
Thanks for the advice…I have been thinking the very same thing.
Working on some video content to post coming up!!! Thanks again
and keep the great comments coming. Be sure to leave your email
in the box on my site http://www.kevinplaw.com to make sure you never
miss any content…and to critique my videos!!! LOL
Kevin Pritchett, Esq
http://www.KevinPLaw.com
I like the valuable information you provide in your articles. I will bookmark your weblog and check again here frequently. I’m quite certain I’ll learn many new stuff right here! Best of luck for the next!
Glad you liked the post. You can go to http://www.kevinplaw.com and put your email
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Kevin Pritchett, Esq