Businesses handle expenditure within a protocol of approvals to keep within budget and avoid runaway expenditure. That way, bills and critical payments continue to be handled even when the upper management is otherwise engaged. Individuals also need to manage their expenses with the same ideals.
Property and estate management and Power of trademark attorney are some of the services that can be procured from a law firm. Lawyers who are well-versed in commercial law can be appointed to manage important financial decisions. This eliminates the aspect of emotional decision-making in the setting of friends and family.
The reasons why individuals opt to have a lawyer given power of attorney are;
- To have an agent in place ready in case one day they won’t have the sanity to manage their affairs.
- To appoint a trustee to manage their estate because they are incapacitated and cannot handle the rigors of daily management.
- To distance themselves from direct decisions that may be influenced by family members.
- To appoint an agent to manage the estate of an under-aged heir until he comes of age.
- To appoint neutral party with Power of Attorney that upholds only the intentions of the owner without favoring any family member.
A professional law firm will manage an estate or personal fortune strictly according to the instructions of the owner. The intentions of expenditure will not become contentious among the dependants of the owner because of the neutrality. Without this set-up in place, there may be squabbling and disgruntlement.
When a person becomes incapacitated to the point of becoming unfit to manage their own personal affairs, a long process begins. First, a close friend or relative will request the courts to manage the subject’s affairs. A formal application and evidence must be gathered. It takes time for the court to approve guardianship or conservatorship.
The delays that will occur maybe detrimental to the said finances, such as delays in paying bills, child-support, premiums to name but a few.Naming an agent and successor agents avoids these delays. The beneficiaries named will be handled by the agent henceforth. The owner can revoke the power of attorney at any time as long as he is of sane mind.
Managing properties comes with a lot of errands to maintain the premises as well as liabilities from dealing with tenants. This is one area of asset protection and management that an agency can be assigned. It requires managerial skills, legal knowledge and presence of mind that only experienced law firms have.
This reduces the burden on the owners and their kin, leaving them to engage in other pursuits. It reduces the strain on family members should the owner become incapacitated. When everything has been pre-arranged, the sense of uncertainty will be eliminated.
The laws concerning guardianship vary from state to state. Entertaining the idea of an agent forces the owner to think of who he trusts for a succession plan. Considerations while still living is also important for investments such as real estate. These pose a risk of liability, which can be solved by forming a limited company.
David Wicks is a renowned trademark attorney in Chicago. He has worked with SD business Lawyers who handle instances of trusts and real estate guardianship under the Gehres Business Lawyers banner.