Understanding the Power of Attorney: Empowering Your Future
What is a Power of Attorney? Life can be unpredictable, and there may come a time when you’re unable to make decisions for yourself due to illness, injury, or other circumstances. This is where a Power of Attorney becomes a valuable legal tool. In this blog, we’ll delve into what a Power of Attorney is, and why having one is essential for safeguarding your interests and empowering your future.
A Power of Attorney is a written legal document in which you may give your authorization for someone else to act on your behalf. This may include financial powers like buying and selling property or managing one’s assets. A Power of Attorney allows you to keep your interests preserved and wishes known if you cannot do so yourself. You will find that most Estate Planning Attorneys will advise that a Power of Attorney should be included in everyone’s Estate Planning documents to protect your interests.
A Power of Attorney is often referred to as a “POA” and has two legal terms that may be helpful to know. The “Principal” of the Power of Attorney allows or authorizes another person to act on his or her behalf. The “Agent” of the Power of Attorney is the individual who the power is given, this is the person who is acting on your behalf. The Agent is also sometimes referred to as an “Attorney-in-Fact.”
Why Having a POA is Important:
Incapacity Planning: A Power of Attorney allows you to plan for unforeseen situations, ensuring someone you trust can make critical decisions when you’re unable to.
Personalized Representation: With a Power of Attorney, you can choose who will represent your interests, ensuring your wishes are followed and your best interests are protected.
Avoiding Court Proceedings: Without a Power of Attorney, loved ones may need to go to court to establish guardianship, which can be costly and time-consuming.
Business and Financial Transactions: A Power of Attorney can be helpful in managing business affairs or financial transactions when you’re unavailable.
Whether you have questions about how to get started in the right direction or questions about an instrument you have already created, feel free to contact our firm, Hartsfield & Egbert, PLLC at (405) 285-6858, or visit our website to send a message to schedule a consultation.