The power of attorney gives an institution or individual you trust the power to act on your behalf (known as the agent). Why would you give someone else the right to act on your behalf? The reasons are many, important and ones that apply at any age. It is easy to see that a power of attorney can be an invaluable document that you should consider having prepared. Here are a few examples to consider as to why you would need a power of attorney:
You have emergency surgery and end up being in the hospital for a longer period of time than expected. You are not well and cannot handle your finances until you fully recuperate. Your agent, making use of the power of attorney, can start to handle your finances immediately until you are well enough to do so yourself.
Your spouse is in the military, deployed overseas, and you need to withdraw funds from an account only in your spouse's name. Legally, you cannot not access that account, but with a well drafted power of attorney, it would give you the power to do so.
You want to sell a property owned by you and your spouse. Your spouse has become incapacitated or travels for work and is unable to sign the closing documents to sell the property. Having power of attorney which allows you to sign the documents on behalf of your spouse would save you and your family a lot of time and money in the process of selling your property. In the case of an incapacitated spouse, the only way to sell the property is for a guardianship case to be opened in the court system to allow for the court appointed guardian for the disabled spouse to sign the closing documents.
You had wanted to gift your house to your child before your passing. Because you have lost capacity, you are not able to do so. However, your agent, through the power of attorney, can execute the necessary documents to achieve your wish.
You have important documents in your safety deposit box at a local bank. You are ill or out of town and cannot go to retrieve them. Your agent, using your power of attorney, would be able to go to the bank and gain access to your safety deposit box to obtain your documents.
Due to unforeseen circumstances, you may not be able to act for yourself. Having thought through who your agent should be and giving that person on institution certain powers, you will feel at peace knowing that your affairs will be properly handled. A power of attorney is used by your agent take care of you while you are alive. When you pass away, the agent is no longer allowed to make use of the power of attorney.
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