An Explanation of Power of Attorney

Growing older brings many challenges that you don’t have to worry about earlier in life. As people age, they often have physical challenges that make mobility difficult. This may require someone else to take such a person to appointments or to even perform routine self-care tasks. An aging individual may also have diminished mental capacity, creating problems with managing personal financial matters. Through Power of Attorney, one person can name an agent to act on his or her behalf. This is a legal document that can benefit individuals and families in several ways.

In a Nutshell

When a person becomes incapacitated or unable to fulfill key responsibilities, Power of Attorney enables a trusted family member or close associate to handles these affairs. This acting individual, known as an agent, puts his or her interests behind those of the other person, known as the principal. Power of Attorney allows the agent to handle financial matters such as opening bank accounts, securing loans and paying bills. This legal matter also grants the agent the authority to make medical decisions such as giving consent for surgeries and other medical treatments.

General Power of Attorney

This is one type of Power of Attorney that the principal can grant. With it, the principal can revoke the authority at any time. It is also dissolved once the principal passes away or is incapacitated.

Durable Power of Attorney

In this role, the agent names an agent, who will carry on the person’s affairs after his or her incapacitation. It is common in medical situations when the family must decide whether to send the person to a care center or whether to continue treatment.

For Estate Planning

A person may want to grant Power of Attorney when it comes to the drafting of an estate plan. This may be effective if the person becomes unable to make these important decisions and properly distribute assets.

An Attorney’s Help

An estate planning lawyer, like one at Yee Law Group, PC, is a good person to talk to about creating a Power of Attorney Document. If you are considering this route, your lawyer can guide you in making the right decision and telling you when this may make sense. Power of Attorney can bring you and your family peace of mind.

Visit with your attorney today to get started if you need to explore Power of Attorney. You and your family can have financial stability even if you can’t make the decisions yourself.

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