Appointing an Emotional Bankruptcy Attorney
An enduring power of attorney is a legal authority to act on another person’s behalf in financial and legal matters that may continue in force even after that individual’s death. It can be in the form of a DBA or a Limited Liability Company. Still, the document aims to empower an appointed agent to deal with the person’s estate areas for which they have no direct experience. Although appointing an agent is the most common use of this kind of document, there are other uses. It can be used as a will, as a gift of power, or to execute some transaction or agreement. In this article, we’ll take a look at all three.
If you want to make decisions about your estate or your finances without consulting a lawyer first, you need to appoint someone to make decisions in your name. This is known as an enduring power of attorney – it’s like a license to do what you want in your life without consulting a lawyer first. To establish this, you’ll need to make a will. You don’t have to make the will yourself (you might prefer to leave it in the hands of an elder law practitioner), but it’s worth doing, as this will give you the power and control you need in these matters.
The following example is when you appoint a close family member as a “personal representative” of your financial affairs. If you don’t already have this power, then either you or your family member must have the necessary mental capacity to make financial decisions on your behalf. Mental capacity means thinking and reasoning correctly on your own and in terms of your finances. You could hire an accountant to help you decide, but it isn’t necessary. Remember, a power of attorney doesn’t give you the right to hand over all your finances to some family member – you have to remember that it’s your money that’s at stake here, and you shouldn’t do anything which could jeopardise that. Your spouse, parents or any other close family member can be appointed as your representative if they have the necessary mental capacity to make financial decisions on your behalf. If they are willing to accept that they will be held legally responsible should something go wrong?
Once again, it’s important to remember that you have to appoint a person you trust implicitly to handle your affairs. Otherwise, you may not be able to protect yourself. So don’t just appoint anyone you like; make sure that they have the necessary mental capacity to do the job correctly. Ask for references from people you can talk to about the kind of attorney you want to hire. They will probably be able to tell you more about their competence.
If you want to appoint someone you already know as your lawyer, you can ask them to be your enduring power of attorney. If your attorney doesn’t agree to this, you can appoint another lawyer of the same family member for the purpose. But if your family member is refusing to become a trustee, then you might have to get a new lawyer. You can’t appoint just anybody, after all. They should at least have a JD degree from an American Bar Association accredited law school and practice law for five years. The law student would also have completed a four-year degree.
Trusting somebody to handle your affairs and your financial affairs doesn’t necessarily mean that you will always be comfortable with your decisions. It’s a matter of choice, and your attorney should be allowed to make those choices in consultation with you. That way, you can feel more at ease with them. After all, they are there to help you out of a bad situation. With their assistance, you can avoid severe problems in the future.