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Power of Attorney

If you own a home you should be familiar with the phrase:  Power of Attorney.  This is a legal document that allows an owner of assets, such as a home owner, to assign an individual the ability to represent them in legal and financial transactions.  This assignment is set up to be activated only under certain circumstances.  This could mean if you are out of the country for an extended period of time, or undergoing extensive medical treatment, or if you become mentally or physically incapacitated and therefore unable to manage your affairs. 

Does this sound a little depressing?  Perhaps, but it is best to set this up while you are healthy and are able to make good decisions while in full control of your affairs.  It is important to note that Power of Attorney is of use only while you are alive.  Once you are deceased, your Will then becomes effective.  If you don't have a Will, then you really want to speak to legal counsel in order to ensure your affairs are distributed as you wish should you pass away. 

Make sure your affairs are in good hands.  Thanks for reading!

By Patrick Murray