Here’s What You Need to Know About Power of Attorney

Life is like a sea, where the waves go high and low. This means that, just like waves, there are ups and downs in life. To protect yourself from unseen challenges, you need to take certain measures.

There are many ways to safeguard your future. One of them is drafting power of attorney.  

You can legally appoint a person to make decisions and execute them on your behalf with power of attorney. If you want to know about POA, then keep reading.

Understanding the Concept of Power of Attorney

Here is an example that can help you to understand POA better. If you draft this document well in advance, the agent you appoint will perform certain duties on your behalf. They will make medical decisions for you that align with your values. Furthermore, they will have a crystal clear idea of how to act on various financial and estate matters. 

So, to ensure that your wishes are well respected, drafting a POA can be helpful. It is a document where the principal appoints an agent who has the authority to act on their behalf during the most crucial times. There are certain duties that agents perform, such as:

Duties of an Attorney

• Sign legal documents
• Collect rent
• Buy or sell property
• Make medical decisions
• Take upon bank duties
• Manage important investments

If you reside abroad, travel frequently, or are dealing constantly with medical issues, then appointing an attorney is crucial. Understanding how to deal with legal matters can be difficult. To make things easier, here is a quick guide on how you can successfully draft this document:

How To Draft A Power Of Attorney Document?

1. Choose the Right type of Power of Attorney: You have the choice to determine how much power you want to give the agent. There are two types of documents you can choose from:
   
   . Enduring power of attorney: In simple terms, this type of power of attorney continues to be effective even if you lose your decision-making power.. General power of attorney: This type of document differs from the first one. In general POA, if the principal loses their mental capacity, then the agent can no longer make decisions.
   
2. Appointing the Right Agent: First of all, it is vital to know that the agent you choose:
   
   . Should be over 18 years of age
   . Mentally capacitated
   
   They can be a family member, friend, or even a professional like a lawyer. You can choose one or even more agents. To be on the safer side, you can have a substitute agent who can take on the role in case the first person appointed dies or loses their mental capacity. It is important that you choose someone whom you can trust. The person should be able to make favourable decisions for you. Remember to ask the individual whom you consider appointing if they are okay with taking on this responsibility.
   
3. Complete the Forms: The power of attorney needs to be in written form. It is proof that describes to whom you have given the power to act on your behalf and to what extent. You and the agent must understand and sign the documents in front of a witness. The witness makes it certain that the document is legitimate and is signed with consent. You don’t need to register this document unless you state that the agent has to make property decisions. Fulfilling all the legal formalities can be difficult, so you can search for Affordable Powers of Attorney to render professional services. A lawyer can help you navigate this process effortlessly.
   
   
4. Store the Form: Ensure that you keep the POA form somewhere safe. You can make a copy and give it to the agent(s). Also, it is advisable to distribute the copies to other relevant people, such as your lawyer, banks, and family members. Finally, the POA should align with your wishes. You can update or revoke this document whenever necessary.

Conclusion

Ready to secure your future? Then, one firm in Australia that can help you set up a power of attorney is Jackson and Legal. Their expertise continues to help many families simplify their legal matters. You can also rely on them if you are looking to hire Estate Lawyers in Adelaide. So visit their website or contact them via phone for more information.