Protect Your Future The Right Way With The Power of Attorney

Power of attorney is as equally as crucial as drafting will. If you aim on making your life more secure, then you need the power of attorney. It is a term that describes giving power of decision making to someone else.

Giving the responsibility of making your decisions to someone else? Well, it may seem like giving away a lot of your rights to someone, but actually, this isn’t the case. In reality, the person is in charge of making your legal, financial and, in some cases, medical decisions effectively at the right time.

Want to know why you should initiate the process of power of attorney? Then, keep reading further as we delve more into this topic.

Also Read: What Qualities Solicitors Must Have for Deceased Estates in Adelaide

Power of Attorney

Power of attorney is a written document that describes who will be responsible for making crucial decisions on your behalf when you can’t. This document gives the person appointed the right to conduct your medical, financial or legal affairs. You can appoint anyone over 18 to take the responsibility of taking action. The person can be your family member, friend or even a lawyer. This document is different from a will as it takes effect when you are alive, unlike a will, which plays its role after you pass away.

But why is there a requirement for power of attorney?

This document becomes a necessity if you are in old age when making crucial life decisions becomes difficult. Also, power of attorney gives you relief that someone will take care of your matters in case you become incapacitated or develop any mental issues. Those who have to travel frequently should consider drafting a letter of attorney, too.

There are two main types of power of attorney which are mainly:

Types of Power of Attorney

• General power of attorney

  In this document, you give the authority to someone trusted to handle your financial and legal affairs for a certain period of time. The general power of attorney is only effective usually when one is overseas or hospital and unable to make decisions. The attorney loses the power in case the principal dies or becomes mentally unstable. Also, the scope of responsibilities in this type of document is limited.

• Enduring power of attorney

  It is a legal authorisation where you give the power to someone to continue making decisions for you even if you become mentally unstable. Basically, the agent has the power to take action for you even if you lose your own decision-making capacity. One more thing to know about the enduring power of attorney is that you can put the agent in charge of carrying out more duties in comparison to the general power of attorney.

Whether you choose a general or enduring power of attorney, there are many advantages you can get, such as:

Benefits Of The Power Of Attorney

1. Protection and management of assets

   You have worked so hard on building the possessions you have today so you must safeguard them. With power of attorney, You can ensure that your assets remain protected. By giving the duty of managing your properties, finances and other assets to someone trusted, your possessions will remain safe. However, while choosing the person whom you want to give the power over assets, make sure that they are capable of making decisions that are in your best interest.

2. Beneficial to family

   Opting for Power of Attorney Solicitors not only benefits you but your family in a number of ways. Your family won’t get the sudden responsibility to make decisions on your behalf. With power of attorney, the family members won’t have to figure out your wishes as they are already mentioned in the document. Moreover, the attorney will make financial and legal decisions that support you and your family.

3. Great for travellers

   For those who have to travel constantly, whether it be for business purposes or just for vacation, power of attorney is highly beneficial. The agent will handle every decision, whether it is regarding purchasing a house or making a big transaction. Thus, with power of attorney, you can travel overseas without any stress.

Conclusion

The future is unpredictable, so you never know when you will be unable to make your own crucial decisions. So, with power of attorney, you can safeguard your and your family’s future. One such firm in South Australia that can help you in smoothly transferring your decision making power is Jackson Legal & Associates. They provide valuable legal assistance whether you are looking for an advance care directive lawyer or an Attorney for Wills Near Me. So contact them for more information.