What Is Power Of Attorney And Do You Need It?

July 24, 2014

Don't wait for a serious situation to arise to learn about power of attorney and whether you need it. Whether you are going to be unavailable, or you want to prepare for unexpected illness or incapacity, create a Power of Attorney to make sure the right person makes decisions for you. Having the proper papers drawn up to protect your interests if you can't advocate for yourself is something everyone should do. Life seems to throw curve balls when we least expect it. This is serious business and needs to be carefully planned so you should consult with a lawyer. It's worth the expense to set it up right the first time.

Power of Attorney

This gives the person or people named the power to act on your behalf for private, business or legal matters. The power may be limited to a particular circumstance or it could be more general where someone else will act on your behalf in a variety of situations. A power of attorney can give temporary or continuous authority to act on your behalf.

Types of Power of Attorney

There are several types of power of attorney; General Power of Attorney, Durable Power of Attorney, Limited Power of Attorney, Healthcare Power of Attorney and Springing Power of Attorney. Each type has a specific use and purpose. It's best to consult with your lawyer to know what one you need. Here is a short video that explains Durable Power of Attorney.

Who to choose as Power of Attorney

Many people choose a loved on to act on their behalf. Some people choose their spouses, children, siblings or close friends. Some people choose their attorney or their accountant or even a bank to act for them. There are no special qualifications needed for someone to be appointed as your power of attorney. As long as they are over 18 and not otherwise incapacitated you can appoint them. The best choice is to choose someone you trust implicitly with your well-being, your property and loved ones. Your lawyer can draft a power of attorney that meets your needs and satisfies the state's legal requirements.