There are many situations where a power of attorney can come in handy and in some cases they are even required. A power of attorney gives authority to an individual to act on your behalf in financial or legal situations. However, we should note that not all power of attorneys are the same. Some are general and can be applied to situations such as real-estate transactions or to settle legal claims. Others are more specific to certain legal situations and health care decisions, while a durable power of attorney is flexible to the situation at hand. Here are some specific situations where a power of attorney can benefit you.
When a military spouse or family member is deployed, it is best to have a power of attorney on hand for any financial or legal situations that may come up. In fact, many financial institutions are now requiring a power of attorney even on joint accounts. This is to protect the deployed member’s finances and ensure you as the spouse or family member have proper access to the accounts you need.
If you have a sick family member especially one with mental illness, a power of attorney can help you care for that individual. Health care power of attorneys allow you to make decisions about your family member’s treatments and doctors. It can also enable you to manage the financial aspects of health care costs.
If you are unable to be present for a real estate transaction, a lawyer can be your representative using a power of attorney. By putting a power of attorney in place, your lawyer can sign closing documents for you to enable a smooth transaction that is all legal.
Another way a power of attorney is beneficial is when settling a will or estate. A wills attorney can use a power of attorney to manage probate cases to settle an estate. They can help settle a will even if you are miles away, which can often be the case in the death of a loved one.
Contact the offices of Waitz and Downer if you need help with putting a power of attorney in place. We also manage will probates and estate planning where power of attorneys are necessary.