Power of Attorney is a legal document that allows a person (called Principal) to appoint another person (called agent or attorney-in-fact) to act on their behalf. The agent can a certain very specific decisions to make, or they could have a broader set of decisions, depending on the power of attorney document. A common example for a limited set of decisions is a financial power of attorney. So, why power of attorney is important?
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Why is it important to have Power of Attorney?
A power of attorney allows anyone above the age of 18 to appoint another person to handle their medical and financial affairs in case they themselves are not fit to carry out such affairs. In such cases, a durable Power of Attorney becomes an absolute necessity, as a durable Power of Attorney will remain valid until the Principal is healthy enough to carry out their day-to-day activities concerning finances and property.
A Power of Attorney becomes essential for such individuals who are into the following jobs:
- Military/Armed Forces
- Adventure Sports
- Travel considerably
- Other high-risk jobs
Such high risk professions come can sometimes have very unfortunate consequences which leaves an individual incapacitated, in other words that individual is not fit to manage their financial and medical needs. Thus, once again answering, why is a Power of Attorney important?
|Wondering how Power of Attorney is made? Check out our blog on the same.|
What Power of Attorneys Cannot Do?
A Power of Attorney is a very powerful legal document, but even they have a limit to what they can achieve. Here is a list of things that a Power of Attorney cannot do:
- Change Principal’s will
- Make decisions after the death of the Principal (unless, for example, the POA is also the executor of the will)
- Change or transfer POA to another person
Power of Attorney for Elderly
We can safely assume that a Power of Attorney gives us a peace of mind, it empowers us in case we become victim to an unfortunate accident that leaves us medically unfit to carry out financial decisions. But all the above discussions focuses around people who are young and possible in good health. Should an elderly person get a Power of Attorney? Yes, absolutely. In fact, a Power of Attorney for the elderly is more important as elderly people have fewer years of good health ahead of them. Moreover, the agent in the Power of Attorney can also act as the executor of the will. Thereby, highlighting why power of attorney is important?
|If you are wondering whether it is possible to cancel a Power of Attorney, then you can check our previous post on the same issue by clicking here.|
What happens in the absence of Power of Attorney?
Accidents happen. Illnesses come on unexpectedly. POAs can protect your property, finances, and medical care interests should you fall victim to an unfortunate event. It gives you a sense of freedom when you travel extensively or cross another item in your adventure sports bucket list. POAs are an important aspect of your and your loved ones financial planning. Thus the importance of Power of Attorney is highlighted.
Power of Attorney Importance
So, to conclude, POAs are not just reassuring; they may become the instruments that protect your financial and real estate interests, your health, and even your manner of dying. If you are incapacitated and have no POA designated to take the wheel, your family will likely be forced into costly and time-consuming delays. Thus, to avoid such misfortunes, get your Power of Attorney for renting property today by clicking on the Generate Now button below.