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.
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 Attorneys today. You can contact our office at (877) 235-8002 or visit our website for more information.
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