Would I Benefit from a Financial Power of Attorney?

By assigning Power of Attorney, family members are protected when difficult times of life require important decision making.  This can help make financial and business decisions easy and clear when a family member is no longer in a condition to make decisions.

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What is a Power of Attorney?

A Power of Attorney is a legal document granting an attorney or individual authorization to represent or act on behalf of an individual in private affairs, business and other legal matters. A Power of Attorney protects an individual from family members or business partners wanting to do something against the wishes of the individual.

The responsibility of a Power of Attorney can be determined based on the individual’s anticipated needs and can be limited to a specific date range. There are various types of powers of attorney:

  • Durable Power of Attorney – Starts when the official document is signed and stays in effect for a lifetime unless cancelled. Durable powers of attorney require you to specifically document the importance an agent’s power would have during a specific situation.
  • Springing Power of Attorney – Starts when a specific life event happens such as when an individual becomes incapacitated.

Would I Benefit?

Powers of Attorneys are beneficial when:

  • The health of a family member shows signs of deterioration.
  • If large sums of money are dependent on that individual.
  • There are times of emergencies that require decisions about life support and finances when one is not able to make the decisions.
  • An individual is looking for peace of mind, knowing that their best interests are being protected.

If you are interested in learning more about a Power of Attorney or would like to get started, contact an attorney at O’Keeffe O’Brien Lyson Foss today. You can contact our office at (877) 235-8002 or visit our website for more information.

 

Image courtesy of Ben Smith/flickr. 

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