There are many different reasons why people need to have someone else care for their affairs. For example, someone may become incapacitated unexpectedly and no longer have the ability to take care of their finances or a small business they run. By designating a power of attorney, people are able to hand over this authority to an agent who is capable of managing their affairs. There are many different advantages when it comes to naming a power of attorney and in this post, we will review some of them.
A power of attorney designation is generally set up to allow one person to handle another’s financial affairs, making key transactions and decisions for someone who has become incapacitated. For example, this power may involve a person’s investments, real estate, retirement accounts or insurance coverage, among other financial matters. Moreover, these powers can be especially helpful for business owners who become incapacitated and can no longer manage their business affairs. Furthermore, a power of attorney could allow an agent to file a lawsuit for someone who is not capable of taking legal action on their own due to their incapacitation.
A power of attorney may also provide peace of mind, not only for those who are no longer able to take care of themselves but for their entire family as well. Becoming incapacitated, for any reason, can be incredibly stressful and this designation can help families feel better about their loved one’s life. However, it is essential to be careful when naming a power of attorney.