Last Updated on February 11, 2023 by Faiza Murtaza
A Power of Attorney is the name given to a written authorization that can help a reliable individual to take decisions on your behalf, in case you lose the ability to take your own decisions. You might be reluctant to designate all these, but there are lots of important reasons for doing so. An attorney who specializes in elder laws can assist you in planning well for the future, to take care of your physical and financial well-being. This can help you alleviate the anxiety associated with protecting yourself from unknown events or even opportunistic family members. Here is how a power of attorney document in PA can help you.
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Keeping your assets safe
With a financial power of attorney, you can authorize some other person to deal with your finances and assets. It may involve basic tasks, like paying bills, opening your mail, etc., or filing tax returns or more complex responsibilities. In any case, consulting an experienced elder law estate planning attorney is the foremost step to keeping your financial assets safe. You might not need to appoint a financial expert to deal with your financial matters. However, it is absolutely essential to use a power of attorney form in Pennsylvania to appoint a competent person who you can rely on, for dealing with your sensitive matters.
Honoring your health care wishes
Using a medical power of attorney is the most vital aspect of estate planning for many people. It can be quite worrisome to lose speaking or hearing ability and have health-related issues making you lose the ability to decide – including decisions about vital life support.
When you appoint a reliable individual to take medical decisions for you, it is the best way to grant your wishes in healthcare. In case you would want to leave some particular directions about end-of-life issues or medical processes, you would need to draft a living will. Such kinds of documents may be blended into a single form in a few states, referred to as an advance health care directive.
Should we name a power of attorney?
The Power of Attorney (POA) is a type of document that is legally binding in nature. It grants legal status to a person and lets them act for you. The individual that you bestow a Missouri power of attorney document on can get narrow or broad legal authority, based on how the same is spelled in the document, so as to help take legal decisions about medical, financial, or property directives. Know about some of the general risks that are involved in naming a POA.
Trust, but Verify
Keep in mind that there are dangers of self-dealing and theft arising from a Power of attorney, even when you appoint your own child as an agent or attorney-in-fact. In order to reduce the risks of these wrongdoings, it is essential that your own appointed agent reports all the actions from time to time to an external party – like the lawyer or accountant of your family. Put simply, you have to trust although it is essential to verify. It is a good idea to have a capable lawyer draft your Power of Attorney, including all such protective measures under the laws of your state.
There are many uses of the power of attorney document in Texas, and you can easily use it for varied purposes.