What is a Power of Attorney?

Most people who worry about their future and their property each have their power of attorney form. And if you are one of these people then you can get yourself a power of attorney or POA as well, and learn about how it can help you. So what really is a Power of Attorney?

All of the fifty states in the US have a Power of Attorney Form that you can use to give one or more persons(s) the right to act on your behalf. These POA may be limited to one specific activity, situation, and/or event on the future, or it could also empower someone to act for a variety of tasks. It can be effective either effective immediately or can be exercised exclusively upon the occurrence of an event in the future, and you may also specify whether the right to act on your behalf is temporary, continuous or permanent.

You can revoke the Power of Attorney given to the declared person(s) later in if you want to do so, by filing a form called a Revocation of Power of Attorney form along with a "revocation copy", depending upon state requirements. The revocation copy is a copy of your original Power of Attorney form with the word "REVOKE" written in large letters at the center top and then signed plus dated.

So now that you know what a Power of Attorney is, you may be wondering why it is necessary to have one. There are some instances where this document is greatly needed. Like for example you were buying assets and you couldn't be there on that day to close the deal, your declared Power of Attorney could make that legal transaction for you on your behalf. In addition, it can also be useful in emergency cases, like if you have an illness and you are rendered incapable or unconscious. In this scenario the Power of Attorney could make those vital, life-saving measures that need to be undertaken, with the declared person able to inform the medical staff of your healthcare wishes. This is specifically called a Healthcare Power of Attorney form that empowers someone to act on your behalf just strictly for medical situation/event.

In some situations where you are unable to manage your own personal or business affairs and you don't have a Power of Attorney, the court may appoint someone to act for you. You will not have a say as to who maybe appointed. In contrast, if you have a Power of Attorney the right to choose a person to act on your behalf and the authority given to them is totally up to you.

So now that you are aware of the existence of a Power of Attorney form and it's various functions, it is about time you start considering on getting one for yourself. It will remain valid as soon as you sign it and will stay valid until you revoke it, otherwise until you die.