Posted by Search Control on July 19, 2020
For many individuals, the idea of wanting to have their wishes obeyed, without any way of making it happen, represents a kind of nightmare. You can avoid this sense of helplessness and minimize any confusion over your affairs by drawing up a Power of Attorney (POA) document. Let’s take a look at this crucial legal tool to see exactly how it can benefit you and your loved ones.
Broadly defined, Power of Attorney is a documented, formal legal agreement in which you appoint a trusted friend, relative, legal professional, or another individual to serve as your “attorney-in-fact.” In this capacity, the individual may make decisions related to your affairs and then act on them as your official agent when you cannot handle these affairs yourself.
POA documents fall into four primary categories. These categories include:
Many people think of a POA as something that they can safely put off until they’re old or infirm. In reality, you may need various kinds of POAs at any stage of life, especially if you’re frequently unavailable to take care of legal or financial details in person. Additionally, you can never predict when a sudden crisis might incapacitate you.
Although you retain the legal right to change or even revoke a POA document, you should make certain that the document reflects your wishes as precisely as possible. This holds especially true for a Springing Power of Attorney, since you may be physically or mentally unable to express your wishes after this document has gone into effect. You should also review your POA periodically to see whether recent life changes call for amendments to it.
Skilled legal advice can help you avoid any missteps in your creation of a POA and help you keep that POA up to date. Contact our office today to set up initial consultation.