What powers should you give your power of attorney?

What powers should you give your power of attorney?

On Behalf of | Jan 3, 2022 | Estate Planning |

While you may already know whom you want to choose as your agent on your power of attorney, you may not know which legal abilities to grant the person. What powers should your agent have?

American Bar Association explains how agents implement estate plans. Ensure your agent has all the powers she or he needs to take care of your estate and loved ones.

Put your estate plan into action

Depending on the jurisdiction, an agent may have the power to change or create trusts for a person during her or his life. Agents may also have the right to transfer assets into trusts. You could give your agent the ability to change asset ownership. Whether you want your agent to have these powers or not, state your desires in your power of attorney document clearly.

Give gifts

You may also include in your power of attorney whether you want your agent to make gifts in your name. If you want to give your agent this power, it makes sense to discuss your decision with a legal advocate. That way, you may not need to worry as much about your agent navigating unintended estate taxes. Depending on your financial situation, you may not want to limit which gifts your agent may or may not make. Doing so could benefit you.

Take advantage of state power of attorney powers

Utah gives specific powers to agents. Consider familiarizing yourself with the latest state power of attorney rights.

By learning estate planning powers, you better educate yourself and your agent. Learn how to prepare your final candidate for the role.