Understanding the Benefits of a Will

A power of attorney (POA), is a legal document that permits someone to appoint another person, also known as the attorney in-fact, to act for them in financial and legal matters. People who are unable or unwilling to manage their affairs because of illness, disability, and other reasons often use this document.

What is a power of attorney?

A power of attorney, a legal document giving someone the authority to act for you in financial and legal matters, is called a power of attorney. The person you appoint will be known as the attorney in fact. This document is used often by those who are unable or unable manage their own affairs because of illness, disability, and other reasons.

Types of power of attorney

There are two types main power of attorney. One is a general authority of attorney that grants the attorney-in fact broad authority to handle your financial and legal affairs. The second type of power is limited, and gives the attorney-in-fact specific authority to handle specific matters.

Benefits of a Power Of Attorney

For those who are unable or unwilling to manage their affairs, a power of attorney is a valuable tool. This allows them to name someone they trust to manage their affairs when they are unable to do so. This is especially helpful for people who are disabled, elderly or ill.

How to create a power of attorney

The process of creating a power to attorney is very simple. Fill out the form online or at your local courts. The name and address of your attorney-in-fact will be required, along with the type and amount of power of attorney that you are granting.

Once you have completed the form, both you and your attorney-in-fact must sign it before it can be notarized. It is legal binding once the document has been notarized.

Conclusion

For those who are incapable of managing their own affairs, a power-of-attorney can be a valuable tool. This allows them to name someone to manage their affairs when they are unable to do so. It is important to be familiar with the different types and ensure that the document is correctly created and notarized.