Power of attorney (POA) is a lawful document that enables the principal to provide an agent the power to act on their behalf should they become incapacitated. The appointed agent can have a varying degree of legal authority over the principal’s finances, property, or medical care.
The power of attorney services is effectively used as a tool to plan for any future incapacity – disability, physical or mental impairment. It also comes in handy when the principal is unavailable to sign important legal documentation involving financial transactions.
Major Types of Power of Attorney Services Near Me
Below is the basic outline of the four major types of power of attorney and the unique purpose they serve:
General Power of Attorney – is a broad decree that authorizes the agent a great degree of power to handle the principal’s financial accounts and managing legal transactions. The agent is in charge of estate planning attorney costs and real estate decisions. A general power of attorney ends when the principal revokes the power, becomes incapacitated, or expires.
Special or Limited Power of Attorney – is used by individuals who want to grant the agent a limited authority restricted to specific areas. Before signing to authenticate a limited power of attorney, the principal must have a clear picture of their specific requirements. One might use this power of attorney services near me to authorize the agent to sell a property or real estate.
Durable Power of Attorney – is an arrangement that is viable during the period a principal whished to get an agent act on their behalf. Unlike a nondurable clause, the durable power of attorney remains active even when the principal becomes incapacitated. The individual can set up a special need trust that allows the beneficiary to supplement the government funds.
Medical or Healthcare Power of Attorney – is when the agent reserves the right to decide the preferred quality of care when the principal becomes ill. A medical power of attorney grants the agent authority to decide on the principal’s behalf in case of a life-threatening illness.
Who Needs A Power of Attorney?
Any person who wants to grant another individual the power to make certain legal decisions or manage activities on their behalf needs power of attorney. Whether it is managing finances, handling legal transactions, or making important medical decisions, the power of attorney can be used for any legal matter.
Following are some of the roles a power of attorney might play:
- Dealing with banks, managing finances, and lending institutions
- Making healthcare decisions for someone who has become incapacitated
- Making legal decisions for someone with impaired mental ability
- Handling real estate and property for a debilitated person
- Appointing an individual as a legal guardian for your children
Who Needs A Special Need Trust?
A special needs trust elevates the quality of life for individuals with disabilities by facilitating greater access to the available resources. Special needs trust essentially acts as a security blanket as it enables disabled people to sustain their entitlement for important need-based government funds.
A power of attorney provides the person peace of mind, knowing that your wishes for financial security and medical care are well-taken care of even when you are unable to make the decisions yourself. It is best to get in touch with a local professional to find out about the workings of a power of attorney.