A Power of Attorney (POA) is a legal document that gives another person the authority to act on your behalf in certain situations.
This can include making decisions about your finances, property, health care, or other matters. A POA can be used in a variety of situations, such as if you become incapacitated, are unable to handle your affairs due to illness or travel, or simply want someone else to handle your affairs while you are away.
While the requirements vary from state to state, there are two categories of POA's:
A POA can be set-up in such a way that it only comes into effect if a specific event occurs (for example, if you become incapacitated). You can also place limits on the attorney’s powers (for example, the appointment can be limited to certain tasks, such as selling your property).
Having a POA in place is an important part of planning for the future. It can provide peace of mind and protect your interests if you become incapacitated.
Appointing an attorney:
When choosing someone as your attorney, it's important to choose someone you trust. This person should be dependable, responsible, and have your best interests at heart. You might consider choosing someone who lives close by or is easily accessible in case they need to act on your behalf. You may choose to appoint multiple attorneys, and you can decide whether those attorneys make decisions jointly, or whether they can make decisions on their own. Your attorney must also meet certain legal requirements, such as being over 18 years of age.
There are strict requirements for appointing an attorney, which vary from state to state. You will need to complete the correct form, and in certain cases, you may need to register your POA (for example, if you wish for your attorney to act on your behalf in property transactions). If you have questions about POAs or need help setting one up, you should consider consulting a lawyer for guidance.
If you have appointed an attorney and would like to add them onto your accounts with Heritage Bank, there are some certain requirements that need to be met. You’ll need to complete our Power of Attorney Addition of Party form, and your POA will need to provide us identification. Contact us 24/7 on 13 14 22 or visit your local branch for more information.