Power of Attorney: Know about the Do’s and don’ts!
A power of attorney is a document that allows someone to authorize another person or something to do something on their behalf. It’s an agreement between two people who have the legal authority and discretion to act on your behalf in certain circumstances, like a guardian, legal representative or trustee. There are three different types of power of attorney form in NC. Special Power of Attorney, General Power of Attorney and Limited Power of Attorney are the three types of Power of Attorney that can be used in any situation. With a proper POA form, you can ensure the right healthcare, set up and administer an estate plan, prepare for a medical emergency, choose a competent manager during estate planning etc.
Forms of Power of Attorney – When Do You Need Them?
The power of attorney is a legal document which gives someone the authority to take financial decisions for another person. The most common forms of power of attorney are:
- Health care power of attorney
- Durable power of attorney
- Real estate power of attorney
- Legal power of attorney
- Financial power of attorney
You can also get power of attorney form free templates to download from the internet, and use for your own specific needs and situation.
Read More: wpc magazine
What Can a Power of Attorney Be Used For?
A Power of Attorney can be used for a variety of things, including:
• Taking medical decisions
• Managing an estate
• Representing yourself in court
• Buying a house
• Divorcing with your spouse
• Taking care of children
• Protecting assets
• Managing insurance claims
A power of attorney form in Iowa can help you to prepare for the future. There is a lot of importance of preparing for the future. With a proper POA form, you can ensure the right healthcare, set up and administer an estate plan, prepare for a medical emergency, choose a competent manager during estate planning etc. For an elderly person, there are several benefits and disadvantages of having a power of attorney. You may find a lawyer on Justia.com to prepare a power of attorney for yourself or download a free template online on forms.legal
What is the need for a Power of Attorney?
There are some specific circumstances where these types of power of attorney are required, such as:
- When you need to give someone authority to handle your money affairs and deal with some urgent issues
- When your loved one has been diagnosed with dementia
- When they are no longer able to make their own decisions
- When they have become unable to manage their finances
- When they are not able to understand what is happening around them
- When they are not capable of making rational decisions
- When they cannot take care of themselves
You can use a power of attorney to take medical decisions for your mother, stepfather, or guardian, if you are not present in the country and have to appoint a person to act on your behalf. Keep in mind that to appoint someone as an Attorney-in-Fact, you have to make sure that he / she is 18 years old at least, or else the power may be annulled at any time by the law of the land – regarding it as invalid.