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Tag: Power of Attorney

What to Do If Bank Denies Power of Attorney

What to Do If Bank Denies Power of Attorney

Estate planning is a fundamental aspect of securing your legacy. It ensures the management of your assets according to your wishes. Part of this planning often includes appointing a trusted individual as your agent through a General Durable Power of Attorney (POA). This legal document grants your chosen representative the authority to manage your financial affairs. This includes dealing with banks on your behalf. There may come a time, however when your bank refuses your POA, leaving you and your…

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Financial Power of Attorney: Specific Powers Demystified

Financial Power of Attorney: Specific Powers Demystified

A Colorado Financial Power of Attorney is a legal document. It grants authority to an agent or attorney-in-fact to handle your financial affairs in situations where you are unable to do so yourself. This document grants both general powers and specific powers to the agent. It allows the agent to act on your behalf in a wide range of financial situations. The agent’s general powers encompass broad areas such as real property, stocks, and bonds. On the other hand, the…

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Reviewing Estate Plans with Parents

Reviewing Estate Plans with Parents

Reviewing your parents estate plans with them is always a prudent thing to do. Keeping an up-to-date estate plan will ensure that your elderly parents’ wishes are carried out in the event of their incapacitation or death. It can also help to avoid potential conflicts and legal issues that may arise in the future. If you want to help your parents update their estate plans, here are some steps you can take: Encourage them to review their current estate documents…

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Having a Joint Account With an Adult Child

Having a Joint Account With an Adult Child

In the United States, over five and a half million people suffer from Alzheimer’s disease. As the population ages, more people are expected to suffer from dementia and other cognitive impairments. A joint bank account can come in handy as a means to avoid some of the problems that can come with managing finances when someone is struggling with cognitive impairment. Shared banking accounts can help simplify money management for an adult child and their loved one who is suffering…

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Powers of Attorney and Helping Care for Elderly Parents

Powers of Attorney and Helping Care for Elderly Parents

Introduction: What is a Power of Attorney? (POA) Powers of attorney are documents giving someone you trust the right to make decisions for you if you become incapacitated. Incapacitated means your can’t communicate or understand. POA stands for “power of attorney.” The person making the power of attorney is the principal. The person given authority is the agent. A power of attorney agent is someone who has the legal responsibility to act on your behalf. Regarding health care; an agent…

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