Ensuring you have a valid, up-to-date Power of Attorney for Property (POA PPY) is an important part of your estate planning. In a POA PPY, you, the ‘grantor’, name someone as your ‘Attorney’ or ‘substitute decision-maker’ who will make decisions for you if  you are unable to do so.

You can name one or more people or a trust company to act on your behalf.  With the document in hand, they can deal with your property and financial affairs.  Depending upon the wording of the POA PPY document, it may used when you are unable to manage your financial affairs due to mental incapacity or it may be drafted to allow its use even if you are mentally fine but physically unable to be present perhaps due to an injury that does not affect your mental  health or being away on a trip.  Once properly signed, a POA PPY remains effective while you are alive or until you revoke (cancel) it in writing.  Unless the document includes a condition that requires you to be mentally incapable before it is effective,  a POA PPY can be used as soon as it is signed.  If a POA PPY is ‘continuing’, it will continue to be effective even if you later become mentally incapable.

When considering who to name as your POA PPY, look for someone who is organized, trustworthy, conscientious, and financially astute.  Many people choose a trusted family member or friend while others choose their lawyer or a trust company as the attorney for property.

This entry was posted on Sunday, May 16th, 2010 at 12:08 pm and is filed under Attorneys Acting under a Power of Attorney, Estate Planning, Power of Attorney for Property. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.