Legal powers of attorney can be useful for seniors or others who want to choose someone they trust to act when they can`t. Drafting a power of attorney is a private way to appoint a proxy in decision-making and is relatively inexpensive, although it may require the assistance of a lawyer. Unless a power of attorney is created in advance, a friend or family member may have to go to court to appoint a guardian, and this process can be lengthy, expensive and public. A financial power of attorney can also be used in the short term: for example, if a member is deployed abroad, they can create a power of attorney for someone to pay bills, sell real estate, or deal with other matters in their absence. Many states have laws that allow their agent to act appropriately on your behalf and prevent abuse of legal power. To learn more about legal services in your state, contact your local senior services agency or resource center for seniors and people with disabilities. Protect yourself from abuse of legal authority by: Abuse of legal authority can take many forms: A power of attorney is a legal document that allows another person to act on your behalf. A financial power of attorney can be used as a tool to plan for a future disability: an inability to make financial decisions, such as due to dementia, head trauma or another impairment that impairs mental function. When used for pre-planning, a power of attorney is usually „permanent,“ meaning that it remains effective even if the person creating it becomes disabled.
However, a power of attorney carries some risk. This gives someone else, your agent, great authority over your finances, without regular supervision. To learn more about an attorney`s obligations under a power of attorney, read this guide on managing someone else`s money. Common short terms: 1-400, 401-800, 801-1200. Results: 492. Exactly: 492. Response time: 127ms. Translate text with a single click in any program on your computer To learn more about how to better manage your accounts with a bank or credit union, visit Let`s Talk Bank Accounts.