What Is Power of Attorney?
A part of your estate plan may involve setting up a trustworthy family member with power of attorney. What is power of attorney? Does your spouse automatically play this role? Let’s explain this legal process.
Power of Attorney Defined
When you give someone power of attorney, it means that you have signed a legal document giving them the ability to make certain decisions or the authority to sign particular documents for you. You can give one person complete power of attorney, which would let them do everything from signing your checks to selling your property. You can also give someonf power of attorney to carry out a particular task or for a predetermined period of time.
Can’t Your Spouse Do This for You Anyway?
Actually, no. While you are alive, your spouse doesn’t have control over your finances. If you share a bank account, of course, you can both make deposits or withdrawals and sign checks. But if you have a separate bank account, your mate would not have access. The same is true with property that is in your name alone and that you do not share ownership of. No one has power of attorney for you unless you legally grant it.
Assistance in Executing Power of Attorney
If you need to give someone power of attorney, even if it is just for a limited time or specific event – such as having a person sell a piece of property on your behalf while you are out of the county – the estate planning attorneys at Petrov Law Firm can help. Call 619.344.0360 today to schedule an appointment.
