A power of attorney is a document that gives somebody else the legal power to make certain decisions or perform financial transactions on your behalf when it is impossible or inconvenient for you to do so yourself. A power of attorney is useful in many situations. It is wise to include a power of attorney in your plan for illness, disability, and old age--along with a will and advance health care directive. A power of attorney can also be useful if you are out of the country, hospitalized, detained, or otherwise unavailable to make decisions and financial transactions yourself.
In such cases, it is a good idea to have a power of attorney to authorize somebody you trust to handle your financial and business affairs, including collecting money, paying bills, buying property, selling property, etc. Such a plan will protect you against falling behind on your bills or mortgage payments, facing foreclosure or repossession, missing deadlines or opportunities, etc. A power of attorney can be broad enough to cover all of your affairs or narrow enough to authorize only a single transaction (e.g., sale of property). A power of attorney can also specify when and under what conditions it will take effect and likewise when it will terminate.
The Law Offices of Dylan Boyd can help you decide whether a power of attorney is appropriate for your particular situation and can customize one to meet your needs. For more information, contact our office for a free initial consultation.