What is a Power of Attorney?
A Power of Attorney is a legal document appointing an individual or individuals to act on behalf of yourself in a financial, business, or other related matter. The purpose of a Power of Attorney is to protect yourself from incapacity. As such, it is encouraged that you appoint in a trusted family/friend to act in your best interest if you are unable to act.
Getting a Power of Attorney is extremely useful in assisting older adults who may be less mobile and do not feel confident in the decision making process. In addition, it is useful in the event of an emergency or other unexpected circumstances that reduce the ability to make their own decisions.
Importance of choosing the right agent for your Power of Attorney:
As useful as a Power of Attorney is, they are extremely powerful tools that must be taken seriously. Power of Attorneys can be seriously abused if the power is placed into the hands of the wrong individuals. Unfortunately, Power of Attorney abuse is a real problem and occurs when the agent takes advantage of his or her position. Often, the agent makes decisions on the principal’s behalf that benefit the agent or others without the principal’s knowledge or consent. It is important that you have no doubt that the person you appoint will perform honorably in any areas for which you give them the authority. You must trust them. If you don’t have an agent you trust, your attorney can help you find one.
Consider the following when choosing an agent for your Power of Attorney:
- Do you trust this person with your important legal affairs?
- Is this person financially responsible with their own financial and legal affairs?
- How far does this person live from you? Your agent may need to get to the hospital or care center quickly in an emergency.
- Have you discussed your decision with this person?
- Will this person be able to communicate your wishes clearly and effectively?
- Will this person charge you a fee? Family members usually perform the service for free. If you pick a lawyer or accountant, a fee is usually involved.
How to get started on your Estate Plan:
Here at Hynes Law Group, we are dedicated to helping you plan for all ages and stages. To discuss a Power of Attorney or other estate planning, please call us at 908-514-8008, email us at info@hyneselderlaw.com, or fill out our online contact form at www.hyneselderlaw.com. Your first consultation is free!