Power of attorney is a useful tool that is misunderstood by many people in Wheaton. The power may be granted to any competent adult and it has nothing to do with the practice of law.
Including a power of attorney in your estate plan could save you from unexpected estate issues, expenses, and delays if something happens to impair your ability to make or communicate decisions. A Wheaton power of attorney lawyer could create a power of attorney to fit your objectives and ensure that you understand the power conveyed. When you work with a trusts and estates lawyer willing to take the time to ascertain your needs, you gain peace of mind knowing that you are prepared for whatever the future may bring.
Although powers of attorney are frequently used as part of estate plans, people also use powers of attorney to accomplish business goals. For instance, a business owner could grant power of attorney to another person to sign contracts while the business owner is out of the country.
The powers conveyed may be extremely broad or narrowed to encompass only a single act. Similarly, the term the powers last may be indefinite or the power may expire after a certain time or when a specific condition is met. Authority may take effect immediately when a document is signed, or a power of attorney may “spring” into action when a designated event occurs.
Power of attorney lawyers in Wheaton could create documents that give someone authority to pay bills and manage finances on behalf of an individual if they become incapacitated. A power of attorney could also enable a loved one to make healthcare decisions for a person if they become unable to convey their consent.
When an individual grants power of attorney to another person, they authorize that person to take action on their behalf. The person granting the authority is bound by the decisions made, even if they disagree with them. Accordingly, it is important to understand what powers an individual wants to convey and what powers should be kept in reserve. It is also important to trust the individual to whom powers are granted, particularly if the powers are broad in scope.
For instance, a person may wish to grant power of attorney to an assistant or relative to pay bills from a specific bank account, but not to give that person access to all their accounts. A Wheaton power of attorney lawyer could craft powers to meet specific goals and ensure that they are broad enough to accomplish objectives but not overly broad to give unintended access.
No one likes to anticipate a future where they are unable to manage their own affairs, but illnesses and accidents lead to these types of situations all the time in Wheaton. If you are prepared with powers of attorney for financial and healthcare decisions, you may not have to worry about what might happen in the future.
To avoid unintended consequences, however, it is wise to consult a knowledgeable Wheaton power of attorney lawyer before granting power of attorney to another.
Powers of attorney are as powerful as the name suggests, and decisions made on your behalf by someone wielding power of attorney are binding. To assess your needs and discuss your options, call now for a consultation.