A power of attorney is a legal document that grants a person (the “agent” or “attorney in fact”) the authority to act on behalf of another (the “principal”). This can be an important part of estate planning, as it enables a person to select a trusted individual to act as their attorney in fact in the event of mental or physical incapacity.
A power of attorney can be created in such a way as to address the principal’s specific needs and concerns. It can be broad or limited, truly personalized to provide the greatest benefits. If you are interested in finding out more about creating a power of attorney and what advantages it may offer you, a Utah estate planning attorney at Pearson Butler can offer the experienced insight you need.
Contact the firm today by calling (800) 265-2314, or continue reading for helpful information on this subject.
Defining the Responsibilities of an Attorney in Fact
After selecting a trusted family member, friend, or associate to act as the attorney in fact, it will be important to clearly define their rights and responsibilities. Nothing should be left open to interpretation, as this can only lead to disputes and other problems in the future.
A power of attorney may allow the attorney in fact to perform various tasks, such as:
- Managing bank accounts
- Handling investment accounts
- Selling real property
- Running a business
- Applying for public benefits
In managing the principal’s affairs, the attorney in fact must act in the best interests of the principal and within the confines of the terms of the power of attorney.
Can a Utah Power of Attorney Be Revoked?
If the principal has sufficient mental capacity, a power of attorney may be revoked or altered at any time It is recommended to destroy the original power of attorney and its copies.
For experienced help with a power of attorney in Utah, call Pearson Butler at (800) 265-2314. The firm serves all of Utah from offices in Bountiful, American Fork, and South Jordan.