For the record, a power of attorney (POA) is a legal document in which the principal designates another person to act on your behalf to make certain decisions.
At times, a person who is more than eighteen years of age needs a POA in certain events. Sometimes, people may get a POA made for another person to take certain critical decisions for them if they are not available for a given duration of time. Mostly, however, a POA is made when a person is over and above a certain age and feels that someone else may take certain crucial decisions on their behalf.
How does a person get a POA?
You decide on a given person who can take care of your matters in case an emergency arises. You can organize for a POA on your behalf when you are no more capable enough to deal with your affairs yourself or can opt for a POA which can immediately become effective so that another person is legally permissible for making such choices for you. It is a fact that your other half does not get this permission automatically in property matters which are in your name.
A power of attorney is actually like an instrument which can protect your financial and reality matters, your health issues and even the way in which a person can die. If a person is incapacitated and has no POA designee, it can lead to your family and near and dear ones going through some difficult times to make certain choices.
A person has to set up a POA for himself or herself. A family cannot obtain a power of attorney for someone else. In case a senior citizen is no longer capable of making certain decisions or even a younger one becomes incapacitated, a court will need to appoint a guardian or conservator.
In certain states of the US, the guardian has to post a bond and file an inventory and accounting of the given person’s assets. This whole matter becomes very difficult and circumventing and it becomes more of public knowledge than the concerned parties may want it to.
It is necessary to know that a will does not function like a POA. A will gives out designation on matters regarding the distribution of wealth, property, and jewelry et al after the death of a person. POAs also differ as a function of when one wishes for authority to begin and end. Also, it can vary in terms of how much responsibility you wish for the designee to be given. It can also vary as a function of the laws of the state you are living in.
A POA can be special (limited), general or temporary. The first mentioned is one which is limited to a specified act or type of act. A general POA is one which permits the designee to make personal as well as business-related decisions. The third mentioned is for a limited duration of time.
For details, contact: Stone, Wiley & Linsenbach, PC. Phone: 717-432-2089