At some points in life, several individuals require help and guide in managing daily affairs such as business, healthcare amidst several other long term affairs. The only legal document backing this is called the power of attorney. A power of attorney gives authorization to another individual to manage private or public affairs of another person. This document allows you to assign someone worthy to your business, healthcare, estate and other financial decision making situations. Several documents can be used to assign somebody to these important roles. For instance, a financial power of attorney authorizes someone to make key financial decisions on your behalf while a medical power of attorney, also known as an advance medical directive puts a different person in charge of your healthcare.
Making these plans as well as the documents could be strenuous however; a lawyer for power of attorney would be much help. A lawyer for power of attorney specializes in creating power of attorney documents; standing or representing a principal (The person who creates the Power of attorney is often regarded as the principal while the designated individual is regarded as the attorney-in-fact); represent, contest, defend the principal in any legal matter relating to creation, implementation of a power of attorney document; lastly, a lawyer for power of attorney would contest against court supervised guardianship or conservatorship for the principal.
Highlights functions of Power of Attorney
When incapacitated by a certain illness or disability (especially one that affects your mental capacity) you will need help making certain important decisions. Here is where a power of attorney comes in.
- Assists in making choices for persons who lack the ability to make these decisions by themselves
- Assists in handling financial and legal issues
- Assists in making important medical choices for the principal
If an individual lacks the knowledge to execute a transaction or handle a financial or legal issue, he can decide to sign a power of attorney and select an individual who will be his or her representative.
So many people believe that a power of attorney is only useful when an individual suffers from a mental illness or a disability that robs them of the capacity to make the best decisions for themselves. A POA is very flexible; this denotes that it can be used in several areas. If you need assistance regarding a legal case that is out of your realm, or if you need help regarding a financial transaction; with this document you can select a professional to represent you. It is that simple. Even in estate management, a POA remains a very significant tool that can be used to manage the estate of a loved one who is incapacitated.
When should you consider a Power of Attorney?
If you are looking at plans regarding a long term care, it is advised that you consider a power of attorney. There exist a few types of power of attorney, thus, it is best you choose that which suits you and your situation. Also, you may consider signing a power of attorney if there exist the tendency that you may develop a mental condition that could hinder your ability to make correct decisions.
Signing a power of attorney requires you to have an in-depth insight into what the document entails the reason behind the document, among other crucial things. A competent attorney will help you understand all you have to before signing the document; for this reason, you need to hire one. We boast of the best attorney and they can be of great help. Contact us and we will be willing to assist you.
Requirements for instituting a power of attorney
- The representative as an individual must be eighteen or older
- The principal must be eighteen years or older.
- If the representative is an institution, then it must have trust powers and a business location with the legal authority to carry out trust business in same state.
Types of powers of attorney
There are different types of powers of attorney based on the limit or extent of the authority.
- General power of attorney: this type of power if attorney gives the agent a very broad scope. They can handle issues touching on various aspects of the principal’s personal and fiscal affairs.
- Durable power of attorney: This power of attorney goes beyond disability or incapacity. The agent is authorized to act regardless of whether the principal is incapacitated. It is revoked by the principal.
- Limited power of attorney: this type of power of attorney only authorizes the agent to perform limited actions and on only certain kinds of transactions as spelled out in the document, or a limited period.
- Springing power of attorney: This is the kind of power of attorney that only goes into effect when the maker falls into incapacity. When they get well, the authority is terminated.