Contrary to popular belief, no one has the authority to legally act on your behalf unless you give them the authority in writing. At Willingham & Coté, P.C., our Michigan estate planning attorneys can assist you in selecting the best person to act on your behalf. For financial matters, this is done through the use of a Financial Power of Attorney. This document can be as broad or as limited as you want. Some of the most common powers granted in the Financial Power of Attorney are the power to:
- Handle financial transactions;
- Run any businesses you may own;
- File tax returns;
- Engage in real estate transactions; and
- Make gifts.
Typically, we use a durable power of attorney when preparing an estate plan for a client. This document goes into effect immediately upon signing and the person appointed as the Attorney-In-Fact can go out immediately and start acting on your behalf, even though you can also be acting on your own behalf.
It is important to consult with a professional estate planning attorney to ensure that the right document is being selected for implementation into your estate plan.
Principal: You granting the authority for the other to act on his or her behalf.
Attorney-In-Fact: The person being given the authority to act on behalf of the Principal.
Contact an Estate Planning Attorney
The estate planning attorneys at Willingham & Coté are here to help, no matter your estate planning needs. Contact us today.