Even if you do not need Power of Attorney at present, it is better to elect one before it’s too late. Power of Attorney is a crucial legal document that takes care of your Will after you are incapacitated to do so.
Before establishing a power of attorney there are a lot more things you need to know about it, especially, why you need a power of attorney in the first place.
What Power of Attorney Means?
In simpler terms, Power of Attorney is a legal document where you (the principal) relinquish the power of decision-making to another person or organization (the attorney or agent) when you are incapacitated to make any crucial decisions.
Power of Attorney delegates the responsibilities to the appointed attorney regarding the medical, financial, and property matters as per the content of the legal document.
Why Do You Need a Power of Attorney?
The Power of Attorney can help you and your close relatives in many ways when you cannot support them the way you want to do. It is a document for reassurance. However, it can do a lot more than that.
If you are in the military and working on an international land, you cannot do anything regarding the financial and legal matters that concern you. Power of attorney will give such powers to someone you can trust to make decisions on your behalf when you are not reachable.
Even if you are not suffering from a life-threatening medical condition, a power of attorney assures you at the time of unfortunate accidents. You can choose an agent when you are over 18 and of sound mind. Being young does not mean you do not require a safety band for the times when you are unable to take responsibility.
Choose your Agent, When you are Sound Mind.
You can create Power of Attorney only when you are of sound mind. It gives you the power to choose someone who can rightfully carry your legacy when you are in a vegetative state or unsound mind. Moreover, in cases such as Medical Power of Attorney (or proxy), the agent makes a vital decision about what medical treatment you should undergo and what kind of health care facility is better for you.
Come into effect only when you are incapacitated.
Power of Attorney is only enforceable when professionals announce that your state is not right to make significant decisions in your life anymore. Till then, the power of attorney remains deactivated.
Leave the Legacy to someone who deserves
Creating Power of Attorney provides you with a safe haven. You reassure yourself about who can take your responsibilities when you are unavailable.
Generally, the Power of Attorney is a document created by people who are suffering from terminal or life-limiting illnesses. However, the uncertainty of what happens to your life cannot become uncertainty of what you leave behind and to whom you leave those responsibilities behind.
The Power of Attorney makes sure that you are leaving your responsibilities to someone who deserves it.
Power of Attorney after Death
Upon the principal demise, the Power of Attorney becomes invalidated, and the agent loses all his power. After death, the execution of the will takes place, which is carried by the executor. Unless the Executor of the Will and Power of Attorney is the same person, he will lose all his power.
Now that you know why you need a power of attorney, you might also realize the complications that may arise during the filling out of these legal documents. By choosing Digital Estate Plan, you can easily decide what happens to your Digital Assets following your demise or incapacitation.