Life is unpredictable. You never know when you might end up incapacitated or need someone else to care for you. It can happen in an instant.
There may also be situations when you need someone else to act on your behalf, but the law prevents this from happening. It can be a huge inconvenience.
That is why planning ahead is so important. There are legal ways to create a plan that allows you to give authority on your behalf to someone else. The best way to do this is to create a power of attorney.
What Is a Power of Attorney?
A power of attorney, according to the American Bar Association, is a legal document that grants the right to make decisions on your behalf to another person. You will name the other person, and you can detail the specific rights you wish to grant to him or her. For example, a power of attorney may only grant someone the ability to make medical decisions for you, or it would give them the power to make decisions regarding your finances, health, and the care of your minor children. You can make it as narrow or broad as you wish.
Value of a Power of Attorney
You may want to learn how to get power of attorney in a variety of situations where it could be beneficial.
In some situations, if you suddenly become unable to make your own decisions, such as after a traumatic car accident or due to a medical emergency, your power of attorney becomes active. The person you name can then step in and start making decisions.
The person may be able to decide about medical care that could save your life, or make decisions about your children to prevent them from going into state custody. He or she may also be able to pay your bills to prevent debt problems or help keep you from losing your home. Having someone who is legally able to make such decisions can be incredibly helpful if you become coherent again and are able to take back control of making your own decisions.
You may also create a power of attorney that gives decision-making authority to someone in a situation where you cannot be physically present. For example, if you have a business partner who is traveling to an area and finds a potential investment property but you do not wish to travel there to finalize the deal, you can give power of attorney to your partner to close the deal for you. In this type of situation, the document has limited use and is over once your partner completes the deal and you revoke the power.
Use a Power of Attorney to Your Advantage
As you can see, there are many benefits to securing a power of attorney. This document can come in handy in a variety of situations that allow you to avoid issues that could occur if you didn’t have it in place. You can get one at any time and create it to suit your needs.