Power Of Attorney

What Is a Power of Attorney?

A Power of Attorney is a legal document that grants another person, known as your agent or attorney-in-fact, the authority to act on your behalf in specific situations. This authority can be broad or limited, depending on your wishes.

Different Types of Power of Attorney

• Durable Power of Attorney: This is the most common type. A durable POA remains effective even if you become physically or mentally incapacitated, ensuring your wishes are upheld during challenging times.
• Springing Power of Attorney: This type of POA only comes into effect upon a specific event, such as your incapacitation, as determined by medical professionals.
• Special or Limited Power of Attorney: This type grants your agent authority for a specific purpose, such as managing a particular financial transaction or handling your affairs while you’re out of the country. It automatically ends when the task is completed or on a predetermined date.

Why Do You Need a Power of Attorney?

• Peace of Mind: Knowing someone you trust can manage your financial, legal, or healthcare decisions if you become unable to, provides peace of mind for you and your loved ones.
• Avoid Legal Complications: Without a POA, your family may need to go through a lengthy and costly court process to make decisions on your behalf.
• Maintain Continuity: Ensure your financial obligations are met, your business runs smoothly, and your healthcare wishes are honored, even when you can’t personally manage them.
• Reduce Family Burden: A POA designates a clear decision-maker, preventing disagreements and reducing the emotional burden on your family during difficult times.