- Unbridled Control Over Assets:
- Misconception: Some believe that creating a POA in Missouri gives another person unrestrained control over their assets, leading to concerns about misuse.
- Truth: While POAs grant agents a range of authorities, they are legally obligated to act in your best interests. If an action is not beneficial to you, agents may lose their authority to act and could be subject to court review and potential removal.
- Altering Your Will and Estate Planning:
- Misconception: People think POAs can be used to alter their will or estate planning.
- Truth: While Powers of Attorney (POAs) empower agents to manage financial and business decisions, estate planning should generally reflect your current wishes.
- Relinquishing Independence:
- Misconception: Creating a POA means giving up the power to make your own decisions.
- Truth: A well-written POA works for your convenience. You can continue to manage your affairs as usual, but with a legally designated individual who can act on your behalf when you are unable to do so.
- Using Online Forms:
- Misconception: It’s fine to use POA forms found online.
- Truth: Templates from the internet may lack crucial details and legal requirements specific to your circumstances. Tailor your POA to meet your specific needs.
Remember, understanding the facts about POAs in Missouri helps you make informed decisions and ensures your wishes are respected.