Why do I need a power of attorney?
A power of attorney is a written document in which one person identifies someone as their age attorney in fact to perform certain acts.
If it is a durable power of attorney, it will continue to remain in effect even person granting the power were to become incompetent.
This can prove to be very valuable if you or your spouse were to become incompetent.
Having a durable power of attorney in place may allow you to avoid the having a guardian or conservator appointed for the management of one’s assets.
Even when property is owned jointly, signatures from both parties are often necessary, such as in the sale of one’s home or other real estate transactions. A power of attorney allows one to sign on behalf of their spouse.
A power of attorney will also allow you to be the payee of certain items, such as Social Security payments, and it allows you to sign income tax returns on behalf of your spouse.
