A power of attorney for property management allows your agent to address your financial and property issues when you are unable to do so. It may grant your agent the power to buy and sell real estate, manage bank accounts or investment accounts and access your financial records. A power of attorney is typically general in nature, giving your agent broad authority to transact any and all business on your behalf and to manage your property. However, you may choose to grant your agent only limited powers, such as those necessary to carry out a discrete task (i.e. to sell your car).
You have the option of making your power of attorney effective immediately upon execution or effective only upon your incapacitation (known as a springing power of attorney). In addition, you have the option of executing a durable power of attorney which remains in effect, or merely comes into effect, once you are incapacitated. Absent language creating a durable power of attorney, your power of attorney will cease to be effective upon your incapacitation or upon the occurrence of a specified event. These are important distinctions to discuss with your attorney prior to drafting a power of attorney to ensure that the document meets your individual needs.
The attorneys at Lonich Patton Ehrlich Policastri can draft a power of attorney for property management which fits your individual needs both now and in the future. We invite you to contact our office for a free, no obligation consultation.