What is a Power of Attorney and why should you have one?

A Power of Attorney is a legal document that allows one person to make decisions and act on behalf of another person in financial, legal, or medical matters. It can be broad or specific in scope, and its authority can be effective immediately or upon the occurrence of a specified event.

Having a Power of Attorney ensures that someone you trust can manage your financial, legal, or medical matters if you become incapacitated. It provides a clear plan for handling your affairs, prevents the need for court-appointed guardianship, and ensures that your decisions are made according to your wishes. This proactive measure offers peace of mind and clarity, knowing that your affairs will be in capable hands if you are unable to manage them yourself.

Each type of Power of Attorney is designed to address different needs and scenarios, providing flexibility in managing personal, financial, or medical matters.

  • Grants broad authority to the agent to handle a wide range of financial, legal, and business matters for the principal.

  • Provides authority for specific tasks or transactions, such as selling a property or managing a particular investment.

  • Remains in effect even if the principal becomes incapacitated, ensuring that the agent can continue to make decisions on their behalf.

  • Allows the agent to make medical decisions for the principal if they are unable to make those decisions themselves.

  • Takes effect only upon the occurrence of a specified event, such as the principal's incapacitation.