There are several circumstances, wherein an individual is unable to manage his property or finance related matters for a specific length of time, owing to a prolonged overseas trip or a major health condition that renders him physical incapable of doing so. A power of attorney is just the type of legal provision that helps you to delegate the responsibility of your property and finance management in the event of your prolonged absence.
What is a power of attorney?
A power of attorney, also known as letter of attorney is a legal document that authorizes an individual to take up the responsibility of representing or acting on the behalf of another individual regarding the latter’s business, legal or other private affairs. The person who creates the power of attorney is referred to as the grantor, principal or donor. On the other hand, the individual who is appointed as the representative is referred to as the agent or the attorney. Depending upon the power of acting upon the power of attorney, whether the grantor is capable of making decisions for himself or not, a typical power of attorney can be broadly classified into two basic categories namely an ordinary power of attorney or an enduring power of attorney, respectively. In addition to managing finances and business related affairs, the power of attorney also offers provisions to the agent to make decisions regarding health care facilities and also for recommending a guardian.
What are the prerequisites for appointing an agent?
One of the major key factors in deciding upon an agent for your power of attorney is, trust. The agent can be chosen from among a variety of your associates such as a relative, friend, a legal attorney or even an organization. It is utmost essential to appoint an individual who is keen on ensuring your best interests and respects your wishes without having the evil mindset of abusing the powers bestowed upon him. The agent is obligated to keep a detailed record of all transactions that he makes on the grantor’s behalf and also to provide frequent updates of the same to him. In case the grantor is incapable of reviewing the updated records himself, he may direct the agent to pass on such information to an appointed third party. As far as an agent’s legal liability is concerned, he cannot be penalized for doing something wrong unless it is something done intentionally. Such statue is stipulated in order to encourage individuals in shouldering the responsibility of becoming an agent to someone who is dire need of creating a power of attorney.
Why you need a POA lawyer?
The creation of a power of attorney requires an enormous amount of intricate paperwork, which might be a daunting task for a layman to accomplish. In addition to this, a POA provides complete authority over your business, finance and healthcare to another individual, which implies that there are several considerations to be made before you appoint an agent. A legal POA lawyer can help you zero in the right candidate for your power of attorney, by making you understand the repercussions of appointing someone who might end up using it against you.
In case you are looking for legal assistance for creation of your power of attorney in the greater Daytona area, you may check out the website https://www.simmslawfirm.com.