Power of Attorney FAQs
What is a Power of Attorney?
A power of Attorney is a document that lets you appoint a person or organization to manage your financial affairs if you aren’t able to, due to sickness or incapacity. It is very important that you select the right person because a power of attorney gives them a tremendous amount of power over your financial affairs.
The formal document determines the amount of power the chosen agent will have in making decisions regarding your financial affairs. Anyone can be given the power of attorney, but common options are a spouse, relative, or best friend.
What Does a Power of Attorney Do?
There are different reasons people wish to get a power of attorney, such as;
- Making financial decisions
- Buying life insurance
- Operating business interests
- Settling claims
- Protecting or claiming personal or estate assets
Why is a Power of Attorney Necessary?
Creating a power of attorney is a good idea if you have an estate or financial property you wouldn’t want in the wrong hands. If you are unable to manage personal affairs, for whatever reason, perhaps because you are stationed overseas, it is helpful to have a power of attorney to ensure that your wishes are followed. A power of attorney needs to be established when you are mentally competent to do so.
How to Get a Power of Attorney
Although there are power of attorney forms online, it is unwise to use them as you need to be sure that the form being used is valid in your state and that the manner in which it was executed meets the legal requirements in your area. It is wise to consult with an attorney when obtaining a power of attorney in order to ensure that your wishes are carried out. In addition to a power of attorney, it is wise to also obtain a living will. For more details on living wills, see our blog What You Need to Know About a Living Will.
We have the experience and knowledge necessary to craft the power of attorney you need. Here at the Hudson Law Firm we offer powers of attorney for a very reasonable fee, give us a call at 479-443-1812 to set up an appointment!
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