POA for assets is basically a power of attorney that is dedicated wholly and solely to handling physical assets of the concerned principal. Power of attorney for assets is more or less a limited POA that specifically revolves around matters like...
• Handling bank accounts
• Handling property matters
• Signing checks
• Buying / Selling property
• Filing taxes
• Handling insurance / shares etc and more
While power of attorney for assets is usually a limited POA, it can have unlimited scope depending upon the requirements of the principal. Therefore, it is very necessary that the principal ensures creating a very strong POA for assets so that possibilities of financial abuse can be ruled out. Please visit this site to get a sample power of attorney form in Illinois.
What are the core components of a strong POA for Assets?
Creating a strong POA for assets requires nothing more than basic know-how about the laws pertaining to the respective state topped with basic common sense. For those that have no prior experience in creating POAs, here are a few points that can help in creating a fortified power of attorney that cannot be breached by the agents...
• Always ensure that your official power of attorney document is created in legal POA forms. These days, you can get legal forms through trusted online legal platforms completely free of cost.
• Secondly, make sure that your legal POA is in tune with your state laws. You don’t have to worry about this part if you get state specific forms from legal sites.
• Thirdly, choose your agent very carefully. It is often considered best to choose individuals that have nothing to gain from your physical assets.
• Fourthly, nothing works better than limiting your POA to certain specified conditions only. Make sure that you leave no loose ends that can be misinterpreted and misused in future.
• Lastly, never ever forget to get witnesses while signing power of attorney for assets. While state rules may vary, it is best to have at least 3 witnesses in the document.