There could be any number of reasons why having a power of attorney would be of benefit. There are variations in the precise type of agreement you will require depending on your specific needs, but basically the document states that you are enabling another person who is referred to as the “agent,” or “attorney-in-fact” to act on behalf of your best interests. The particulars are what differ.
A medical power of attorney for instance, gives your agent the legal right to make decisions for you in case you are unable to act on your own behalf due to illness or injury. A power of attorney differs from the stipulations associated with a living will in that it applies to temporary circumstances as well as end of life situations. A living will is meant more to communicate your wishes about the terms of your medical care. Your lawyer will advise that you have both documents in place.
An ordinary power of attorney isn’t restricted to medical circumstances. It can be drawn up for business purposes or to give someone else the authority to sign a legal contract in your absence. The agreement can be “specific” to apply to just one transaction, or “limited” with restrictions of power to be stipulated. Any form of an ordinary power of attorney can only apply if the principal is fully aware and capable of making decisions on his own. It becomes invalid if he should become incapacitated whereas a “durable” power of attorney will allow the agent to handle your health or financial affairs even if you become mentally disabled.
If you coordinate a durable power of attorney you may revoke it at any time as long as you are mentally competent, but once you become inept a court ruling may be required.
Organizing your personal and business affairs is an important task that should be done with the help of a skilled attorney who is aware of all the do’s and don’ts that may apply. Find the expert legal counsel that you need at Parker Lawyers. Call 303-841-9525 in Parker, CO.