A power of attorney arrangement gives you peace of mind that other people will take care of any essential matters on your behalf. In this post, we’ll show you how PoA documents can help you hand out authority in a number of sensitive situations.
What is a Power of Attorney?
These arrangements give someone the power to make (typically medical or financial) decisions on your behalf. For example, they can advocate for you to receive specific treatments and trade your stocks. A lasting PoA will take effect even if you’re incapacitated.
Drafting the relevant forms can take hours and hundreds of dollars with a lawyer, or you can get free power of attorney templates from PowerOfAttorney.online. These already have every field a PoA arrangement needs; they’re also available in different types to fit various situations.
The Benefits of a Power of Attorney
Knowing someone will look after your wishes even while you’re incapacitated is already a major benefit. However, it’s far from the only reason people get a PoA. Here are a few extra benefits to having one of these arrangements ready to go:
- Only someone you trust will have control over your affairs
- Your agent will only make decisions based on your beliefs
- You set the conditions for when the document takes effect
- Your family will have peace of mind during an emergency
- An agent can pay your bills and other financial obligations
- You’ll get faster decision-making with fewer family disputes
- You can customize the PoA document to suit your situation
Ultimately, a power of attorney is all about maintaining continuity. The agent will keep everything running for you without even a slight delay.
Power of attorney documents are also quite flexible, with multiple types to fit different scenarios and circumstances. For example, a traditional PoA lets someone act as your agent immediately, while a “springing” version only takes effect under certain conditions, such as incapacitation.
Examples of When You’ll Need a Power of Attorney
There are many situations where a power of attorney lets you delegate authority while staying in full control. Here are just a few examples:
- Medical Emergency
You can’t make vital health decisions when you’re in a coma or otherwise unresponsive. A PoA lets you trust somebody else to decide on your treatments. For example, if there’s a chance that experimental procedures might work, your agent will know if you’d approve it.
- Running a Business
Hospitalization can slow your business to a crawl, especially if you’re a sole proprietor. A power of attorney lets you appoint somebody to act in your stead. They can manage payroll, negotiate with vendors, and even sign contracts to keep your company running.
- Elderly Parent
As your parent gets older, they might find it harder to manage their own affairs. You can set up a PoA with them while they’re still lucid. You can then pay for their treatment or otherwise manage their accounts on their behalf.
4. Closing a Sale
Similarly, you can’t close on a property or make any major sale while incapacitated, but an agent using a limited PoA can. They could sign the relevant documents. You’ll have complete peace of mind that, even when indisposed, everything will go as you expect.
- Overseas Travel
Some documents and matters require you to be present in person. You’ll need somebody to act on your behalf if you’re away for any reason. Even if you’re far away and busy, you’ll know your agent is taking care of things exactly how you want them to.
Common Power of Attorney Safeguards
Your power of attorney needs certain precautions in place to protect your interests. If you pick a good agent, you won’t have much to worry about, but you must still be cautious. Here are eight tips for making sure your PoA is as airtight as possible:
- Use a limited power of attorney that defines your agent’s powers
- Add a durability clause that maintains your PoA if you’re incapacitated
- Include a springing clause that sets out when your PoA will activate
- Name co-agents who balance each other out on difficult decisions
- Stop the agent from acting in ways that outwardly benefit them
- Appoint extra agents in case your original agent cannot serve
- Make sure the agent reports to a third party, such as a family member
- State conditions that would invalidate the PoA or let you revoke it
You can add these safeguards when customizing your PoA’s online template. Even when giving away a lot of power, you can stay safe and in control of your health, finances, and more.
Final Thoughts
The right power of attorney document helps you take care of your medical treatments, finances, and more. This means taking the time to customize it and ensure every necessary safeguard is in place, which becomes even easier with an online template.