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Do You Need a Power of Attorney?

Who Needs a Power of Attorney?

  • Many people form a power of attorney specifically for addressing medical concerns. If a person were to become incapacitated for medical reasons, a medical power of attorney will allow a trusted agent to make decisions on their behalf and according to their wishes.
  • Many people need someone to look after their finances and deal with banks and lending institutions when they themselves cannot.
  • Making decisions on the behalf of someone who has lost their mental capacity.
  • Many people also require assistance when it comes to managing real estate or rental properties when they become physically or mentally infirm. A power of attorney will allow an agent to act on behalf of the principal and maintain their estate until they are back on their feet and able to do so themselves.
  • If a person can no longer look after a child due to an illness, they can appoint a representative to become a legal guardian to their child and be responsible for them.
  • A power of attorney can be used when military personnel deploy overseas and leave family members behind. It is important for the remaining spouse to have power of attorney over the affairs of their deployed loved one in order to perform many everyday functions that require authorization or signatures of that individual. A power of attorney will enable the family to continue to function without legal or financial stumbling blocks that might otherwise arise if the person is not available due to being overseas.

A power of attorney form can be used to nominate a power of attorney to represent an individual and their affairs in several different areas should they become incapacitated.

Power of Attorney for Business People

A power of attorney can provide a measure of security for business people who find they might need assistance or representation when it comes to certain legal, financial or business matters, or to protect against the occurrence of a possible future event. There are many people in the business world that utilize a durable power of attorney to appoint skilled professionals to represent their interests in certain business deals.

Being a good businessman does not always translate into being a good negotiator or financial and legal expert, so many times, business people appoint specialists via a durable power of attorney to represent them when it comes to closing a large business deal, negotiating financial terms with a lender, or discussing legal issues with other attorneys. It is not always profitable to have such experts on the payroll constantly, so hiring out their services on an as-needed basis makes good business sense.

Once the deal or negotiation is completed, the power of attorney is revoked. Other people find that having a power of attorney ready and waiting to be triggered by certain events gives them peace of mind that their affairs will be looked after should they become incapacitated in the future. This is known as a springing power of attorney, and it is designed to go into effect should certain requirements be met, such as an illness or other incident that occurs which prevents the principal from acting on their own behalf. Once the conditions are met, the power of attorney becomes active and the principal’s wishes are enacted by their attorney in fact.

Acting as a Representative

It is not only business and professional individuals who can utilize a power of attorney for their own benefit. Many people find comfort in having a knowledgeable person represent them when it comes to dealing with tax problems and the IRS, or investing in or selling property, or any other type of activity that they normally do not deal with.

Having the ability to hire a professional to represent them as their attorney in fact when they need help gives individuals a sense of empowerment and confidence they might not be able to achieve by representing themselves in the same situations.

Having the ability to turn to professional help when needed and secure that help through the use of a power of attorney is a vital tool for both business people and laymen when situations call for it. A power of attorney is an indispensable tool that can be used in many different ways to assist people with their legal, financial and business needs as well as protect their interests and affairs should they become unable to do so for themselves.

How to Create a Power of Attorney

Use our power of attorney form template to create a power of attorney in just a few minutes online. Start now.