When it comes to estate planning, having a robust power of attorney is perhaps your most important document. In the event you become incapable of executing your estate, someone else who you have given your power of attorney will be able to act on your behalf. Most people don’t think about these things, but it’s vitally important that you do. The power of attorney is important because it will ensure that your wealth does not fall into the wrong hands. Some important things that you should know about the power of attorney are:
- It’s a legal document
- It gives power to one person
- The agent usually has broad legal authority
If you want a power of attorney in Bath made for your estate, you have to get in touch with a professional lawyer. Here are some important facts that you should know about the power of attorney.
You Need a Durable Power of Attorney
If the power of attorney isn’t durable, it can void the entire process. The document must state that the power of attorney will not be affected by the incapacity or the disability of the principal in subsequent years.
It Becomes Invalid After the Death of the Principal
More importantly, you have to understand that the power of attorney becomes completely invalid upon the death of the principal. In that instance, the only thing that will work is the will drawn by the person in charge. These are just a few things that you should know about the power of attorney.