Why Do I Need a Power of Attorney to Make a Large Purchase?

When it comes to estate planning, there are a lot of different documents you will want to consider creating. While these documents can help you plan for the future, you may also need to use some of them now. For example, some people create powers of attorney when making large purchases like a new home or a car. Read on to learn more about the different situations in which you might want to create a power of attorney.

What is a Power of Attorney?

A power of attorney is a legal document that allows one party to handle the legal matters of another party. Often, powers of attorney are used when someone becomes incapacitated and can no longer make decisions for themselves. For the most part, this responsibility is given to a close friend or family member. When appointed, this person can pay your bills, make bank deposits/withdrawals, obtain medical records, file tax returns, buy or sell property, hire caretakers, transfer assets to trusts, and more, depending upon the type of power of attorney created.

Why Would I Need One to Make a Large Purchase?

Sometimes, powers of attorney are created when it comes to making a large purchase. Some examples are when it comes to buying or refinancing your house. You may also use one when buying a car. When buying a house, there are often complex transactions and in some cases, buyers, sellers, and borrowers won’t be able to finish the deal. In the event that you are not able to sign the documents needed to close a real estate deal, you can have someone else sign for you if they are given that right in a power of attorney. Similarly, if you are buying a car, you may create a power of attorney so that the dealership can transfer the title to your name, or a loved one can purchase a car in your name. It is important to reach out to an estate planning attorney to ensure that you do not give too much/ permanent power to another individual without intending to.

If you are interested in creating a power of attorney, you should reach out to an experienced estate planning attorney. An attorney can create the appropriate document to meet your needs. Contact our firm to speak with a skilled estate planning attorney today.

Contact our Firm

If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.

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