Stay in Control of Your Finances
A power of attorney is a powerful legal device that allows a person, known as the principal, to delegate the power to perform legal acts on his or her behalf to another person, the attorney in fact. The attorney in fact may be authorized to perform certain legal actions. The specific powers of the attorney in fact are outlined in the document and may range from very broad to narrow, or the Power of Attorney may authorize a specific task, such as the sale of certain real estate while the principal resides elsewhere or paying the principal’s bills while he/she is ill.
Morgan County Power of Attorney Lawyer
Careful consideration is required when choosing the person who will serve as your attorney in fact under your Power of Attorney. This person will generally be given legal authorization to perform many financial or legal actions on your behalf.
Helping Protect Your Finances And Your Health
Powers of attorney allow individuals to name trusted friends or family members to manage their financial resources when they are no longer able to do so. Financial powers of attorney may be temporary or permanent in nature.
If you are leaving the country for an extended vacation, are undergoing surgery or will otherwise be unable to manage your finances for a set period of time, a temporary power of attorney will allow you to name an agent to handle your financial commitments during that period. Permanently naming a power of attorney to act on your behalf in the event of your incapacitation often reduces the financial stress felt by grieving family members who may struggle to pay your bills and meet your financial commitments without access to your finances.