Power of attorney is a legal document, where you grant permission to another person in order to make decisions with related to your finances, property, and medical care. Most adults come across the need to give power of attorney to someone they know. Before you sign a power of attorney, you should have a clear idea on what it is.
What are the benefits of a power of attorney?
Without a power of attorney, nobody will be able to take decisions with related to your finances, property, or healthcare. If you are not in a position to take care of any of these aspects on your own, all you have to do is to sign a power of attorney and provide legal rights to another person. Based on the power of attorney, you can get someone to make decisions on behalf of you.
For example, let’s assume that you have rental property, but living in another part of the world. Due to the same reason, you will not be able to show your property to potential tenants and sign rental agreements. This is where a power of attorney can be useful. You can simply use the power of attorney to provide legal rights to another person to manage your property. This will provide you the opportunity to keep peace of mind.
What are the risks of a power of attorney?
Similar to benefits, there are some risks coming with a power of attorney as well. You need to make sure that the person who receives your power of attorney is someone that you can trust. Otherwise, that person will go ahead and make decisions against your will.
While keeping these facts in mind, you can get in touch with a reliable lawyer and proceed with signing the power of attorney. At that point, you can get answers to all specific questions that you have about power of attorney as well.