Power of Attorney is a legal concept where a written authorization allows a third party (agent) to represent or act on the behalf of another (principle). The scope of your agent's authorization can differ, but by law, it is a law-abiding document that appoints another party the authority to make financial, property, and other legal decisions on your behalf. Generally, these types of legal documents are arranged due to sickness, failing mental health, or old age. It is quite common for elderly people to sign assign a power of attorney which grants the authority to a person of their choice to handle personal banking and financial decisions.
In the legal world, there is also something known as “limited power of attorney,” which allows for smaller or singular decisions to be made on behalf of the person requesting the document. This type of agreement is often short-term and has no long lasting requirements.
None of us can predict the future. The last thing that anybody wants to consider is finding themselves incapable of making their own decisions. But unfortunately, these things happen, and when they do, it’s important to make sure that your affairs will be in capable hands. Drafting this document now gives you the chance to select who will handle your affairs if necessary and it will also give you the ability to draft the terms of your agent’s powers and duties. As scary as it sounds, it's better to be prepared.
Deciding to appoint your finances, property, and other assets to another person is a monumental decision. It is a decision that must be made in the right mindset. It is vital to select someone you know and trust.
Some important attributes of a good agent/advocate candidate include:
This process is not about making people feel equal. It is about assuring your wishes are followed when you no longer have a say in the matter.
Contact our Bay City, Michigan lawyer, Lewis Seward at (989) 892-6551 to arrange a consultation regarding your legal matters. We are here to help.
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The preceding is provided for informational purposes only. While every effort has been made to ensure accuracy, it cannot be relied upon as legal advise. Applicability of the legal principles discussed may differ substantially in individual situations. Please consult with the attorneys at Seward, Tally & Piggott, P.C. for legal aid.