To give permission to someone else to conduct financial transactions or make healthcare decisions for you, you need a power of attorney form. Executing one can be an important part of estate planning. It can come in handy if you become ill or injured and don’t have the ability to interact with people with whom you do business. That way, you can have someone who understands your business objectives and personal finances manage your affairs. Otherwise, a court will appoint a guardian to manage your affairs. This can be a time-consuming, tedious process, and until it is complete, no one will have the authority to manage your finances. The person who grants authority is called the principal, and the person who gains authority is called the attorney in fact, or the agent. If either party has any questions of their rights he or she may view the Mississippi Uniform Power of Attorney Act.
Sources
- Uniform POA Act – http://billstatus.ls.state.ms.us/documents/2013/pdf/HB/0400-0499/HB0468PS.pdf
- Vehicle Transfer – http://www.dor.ms.gov/docs/title_78003
- Tax (Dept. of Revenue) – https://www.dor.ms.gov/sites/default/files/Individual/form_PowerofAttorney.pdf