When You Need a Power of Attorney
A power of attorney is an incredibly useful legal tool, but it can be confusing to know exactly when it is appropriate to have one. This legal document allows a principal to designate another individual (the agent) to act on their behalf either in specified matters, or in all matters relating to the principal’s life.
There are a number of reasons you may need a power of attorney for someone over the age of 18. For example, active military personnel often create a power of attorney prior to deployment, giving their spouse or other individual the ability to act on their behalf if they become incapacitated. Those who do a lot of travel may also be interested in creating a power of attorney to allow another person to look after their affairs while away – especially if that person has no spouse.
Though a power of attorney is useful in many situations, the most common use is in planning for the elderly or when a person is facing a long-term health issue with no immediately foreseeable outcome.
If you become incapacitated or otherwise unable to act on your own due to physical or mental disability, executing a power or attorney allows your agent to make financial decisions on your behalf that ensure your continued care and quality of life. Examples of these duties include paying your bills, liquidating assets to pay for medical care, and planning for Medicaid. Each power of attorney is created individually, and as such, you are able to outline the exact scope and extent of what you want your agent to be able to execute on your behalf.
A power of attorney does not deprive you of control over your life. In fact, when properly implemented, it ensures you retain control when you need it the most.
Creating a power of attorney that works if you lose the ability to take care of yourself creates a contingency plan for your affairs, giving you precise control over the situation if the need arises. Additionally, all powers of attorney expire upon death of the principal.
If you’re looking to create a power of attorney, the team of experienced attorneys here at the BCN Law Firm in Clermont are here to help. Contact us today at 352-394-2103 to schedule your complimentary consultation.