Why Do You Need a Power of Attorney?
A power of attorney is a legal document that allows someone you trust to handle or manage your financial and medical affairs. It’s important to have this in place so that if you ever become too sick or injured, someone can make decisions for you. You can consult an estate planning attorney if you want to create a power of attorney document for property conveyancing adelaide.
An estate planning lawyer will help you draft a power of attorney document in a way that will not affect your rights as a U.S. citizen. When you prepare a power of attorney, you need to think about what kind of authority you would like the other person to have. You might want someone else to deal with paying your bills or taking care of the property.
We will now see into the main roles of a power of attorney.
- Making medical decisions on behalf of the principal
The common law defines a patient as someone who is bedridden, unable to communicate, lacks the mental capacity to understand their situation, or is unconscious. A power of attorney can help with medical decisions if you’re unable to make them. For example, if you’re in a car accident and you’re no longer able to make decisions for yourself, your power of attorney can be appointed by the doctors as your guardian or agent. That person will then have permission to make medical decisions for you.
- Handling financial and legal matters on behalf of the principal
The person you appoint in your power of attorney will have permission to handle your legal and business affairs. This may include handling your investments and paying bills. When you’re unable to deal with property matters, someone who has been appointed as your power of attorney can go through your estate. This person will handle everything from buying a new car to selling off assets, such as real estate or stocks and bonds.
- Making decisions on the behalf of someone who has lost their mental capacity
A power of attorney can be written to deal with issues that might arise if you’re ever unable to make decisions for yourself. It’s important to appoint a trusted person who will act in your interests and who will always do what’s best for you. A power of attorney document gives someone else the authority to make decisions for you. If you’re ever unable to make your own decisions, the person you’ve named in your power of attorney will have permission to act on your behalf.
