A Power Of Attorney (POA) is a legal document that grants someone else the authority to act on your behalf in certain areas, such as making financial or medical decisions. Setting up a POA can effectively protect your assets if you become incapacitated or pass away.

Here are some tips for setting up and protecting your assets:

1. Choose the right person for the job: Select someone you trust who understands your wishes and can handle (and keep confidential) financial matters. Make sure this person is willing to accept the responsibility of acting on your behalf, as it is a big commitment.

2. Get a lawyer involved: A qualified lawyer can help you draft a POA document that is legally binding and outlines the tasks your chosen representative (or “attorney-in-fact”) should handle.

3. Learn about the different types of Power of Attorney: Several types of POA are available depending on how much authority you want to grant. A general POA grants broad decision-making authority, while a limited or special POA allows you to limit the agent’s power to certain areas.

4. Follow all necessary steps: Once you have established your POA and chosen an agent, a few more steps must be taken to ensure your wishes will be followed. These steps may include signing the document before witnesses, notarizing it, and filing it with relevant authorities.

5. Keep your documents safe: Once you have established a Power of Attorney, keep all related paperwork in a secure place where your agent can find them if necessary. It is also important to update your documents as needed to ensure they are up-to-date and relevant.

Following these steps, you can set up a POA and effectively protect your assets. With the help of a qualified lawyer, you can ensure that your wishes will be followed if something happens to you.

Northwest Strategy and Planning can provide you with the right legal guidance to help ensure that your assets will be protected. Contact us today to learn more.