Asking Your Attorney-in-Fact.

So you want to prepare a power of attorney? This is a document that names someone else to act as your behalf with regard to financial affairs. It is an important legal document and you are trusting your affairs to someone else.

A power of attorney is usually effective upon your incapacity where two medical doctors or the court must state that you are unable to manage your affairs. Some people will create a power of attorney that is effective immediately. This may be useful if you need someone to manage your affairs while you take a month long vacation out of the country.

A power of attorney that has the word "durable" in front of it or within the document means that the power of attorney is also effective when you are incapacitated. How this works is that you create a power of attorney effective immediately and then later you become incapacitated then this power of attorney remains valid.

One thing that people forget when they prepare their power of attorney to ask their suggested attorney-in-fact, the person you wish to name to act on your behalf, if they are willing to act for you.

Ask first and then prepare!

Some people are adverse in dealing with other people's financial affairs, some people live too far away and some people have their own families to care for whether it be their elderly parents or young children.