No matter who you are, it is important to know your legal rights. Whether you are buying a business, handling the finances of an older relative, purchasing a home or dealing with a contract dispute, understanding the legalities of the situation can help you deal more effectively with what you are facing. Law to Go is hear to help you understand the more common situations.
One of the most common questions we get is when an individual needs a power of attorney. There are a number of situations in which a power of attorney is an absolute necessity, and other situations where there are better ways to handle the issue. Having a deeper understanding of what a power of attorney is, how it works and when and why it is needed is the best way to protect yourself, your property and your loved ones.
What is a Power of Attorney?
Before seeking a power of attorney, it is important to understand just what it is and what it means. While a power of attorney can be a valuable tool, it is not always the best choice. That is why it is so important to seek affordable legal advice in Arkansas from Law to Go before you take out a power of attorney or authorize anyone to act on your behalf.
In its simplest terms, a power of attorney is used to give an individual, or an organization, broad power to act on your behalf. The most common type of power of attorney is known as a general power of attorney, and it grants sweeping powers to the individual named in the document. From dealing with issues of property law to making personal decisions, the powers granted by a general power of attorney are wide ranging and far reaching.
Some of the things the general power of attorney authorizes the individual or organization to do include making financial decisions, choosing investments and dealing with life insurance policies and proceeds. Many people will use a general power of attorney as part of their estate planning process, and this document can be a valuable tool when it comes to dealing with property law, investment decisions and their various implications.
The Special Power of Attorney
Another type of power of attorney is the special power of attorney. This unique power of attorney can be a powerful tool, but it is generally limited in scope. The special power of attorney is much less sweeping than its general counterpart, and it is used for very specific reasons.
An individual may enter into a special power of attorney agreement when dealing with real estate issues, for instance. They may empower an individual or organization to act on their behalf in order to protect their property law rights and look after their interests. By limiting the power of attorney to this one area, the individual using this tool can retain control over all other areas, from making investing decisions to dealing with life insurance issues.
A Health Care Power of Attorney
The health care power of attorney is another type of specific document, and it too has a very limited purpose. An individual may take out a health care power of attorney when going into the hospital for a scheduled operation, or in the aftermath of a heart attack, stroke or other serious health challenge.
The purpose of the health care power of attorney is to give another person decision-making power in the event of mental or physical incapacity. If the individual completing the health care power of attorney is unable to act, the person named is empowered to act on their behalf.
Power of Attorney in Protecting a Minor’s Interests
Too often children find themselves in a situation where their parents are not present or unable to make important decisions on a child’s behalf. In times like these another family member or adult can petition for a power of attorney over the child’s interests and livelihood. If you or a loved one find yourselves in a situation such as this, contact Law to Go today for a consultation on how best to move forward.
Understanding Property Law and Protecting Your Rights
There are many times when a power of attorney may be necessary, but dealing with the details of property law is one of the most common reasons. There are many ways in which a power of attorney can safeguard property rights and handle issues with property law.
A power of attorney can be a valuable tool when dealing with real estate issues, from the sale of a personal residence to the disposition of property acquired through inheritance or the closure of an estate. The individual taking out the power of attorney may empower another person, or an organization, to dispose of the property and prepare the proceeds, or to use the funds from the sale to close out an estate. No matter how you use it, it is a good idea to take advantage of affordable legal advice in Arkansas from Law to Go before using any power of attorney. A power of attorney can be a good way to safeguard property law rights, but these are complicated documents, and they need to be carefully prepared and expertly handled.
Travel and the Power of Attorney
Frequent travelers may use a power of attorney to give a trusted friend or family member power over their affairs while they are overseas. For instance, an individual traveling on business may designate a family member to pay their bills and act on their behalf while they are away. This can free up the businessperson’s time and allow them to focus on the task at hand, secure in the knowledge that their personal affairs are being handled by someone they can trust.
Leisure travelers can also use a power of attorney, especially if they will be out of the country for an extended period of time. Once again, the designation of a trusted friend or family member can provide reassurance and set the individual’s mind at ease.
The Value of Professional Legal Advice
As you can see, a power of attorney can be a valuable tool for everything from the protection of property law rights to the establishment of a comprehensive estate plan. But before you use this tool, you need to get the right advice. Handling a power of attorney request improperly could do more harm than good, and you need to protect your rights with the right legal advice and guidance.
Whether you are seeking a limited power of attorney for an upcoming real estate transaction, dealing with health care issues or seeking a more general purpose document, Law to Go can give you the guidance you need. Understanding how a power of attorney works and when to use it is the first step, but finding the right legal guidance is a vital follow-up step, and the best way to protect your property law rights.