What Should You Know About Power of Attorney?

When a person goes through estate planning, they often name a power of attorney. This person is called the agent or attorney-in-fact. This person is granted specific powers to act on behalf of a person or their estate, should they become incapacitated or deceased. To name someone as power of attorney, a person will need to fill out the power of attorney paperwork in its entirety. Powers given to the person can be very broad or very specific, depending on a person’s needs.

There are many powers that can be granted to the agent:

  • The agent may buy or sell belongings on behalf of the person who granted them power.
  • The agent can apply for government benefits on behalf of a person.
  • Agents may be given the power to manage a person’s business.
  • Agents are often given the power to manage a person’s money.
  • An agent may collect debts that are owed to a person.
  • Agents can cash checks on behalf of a person.
  • The agent can invest a person’s money.
  • Agents can sue on behalf of the one they have been granted power of attorney by.

When a person dies, their power of attorney sometimes becomes the executor of an estate. When this happens, they may continue to be responsible for the financial issues of the estate, including making sure all final expenses have been paid.

Probate is the official process of proving a will is legal. This process is sometimes lengthy and is often a headache for a power of attorney or an executor of an estate. This is why many people feel more confident hiring an attorney. An attorney can help to make the process less stressful and shorter so the estate can be settled as quickly as possible.

If you are in need of help with power of attorney or probate issues and would like further information, visit irblaw.com.sg. They will be happy to help you with your legal needs and will work to protect your rights. Call them today and they will schedule your consultation appointment so you can get started on the process of overcoming the legal obstacles you are facing.