Many times life can take unexpected turns. Therefore, most people want to be as prepared as possible for any situation that might arise. As a result, they sign a document that appoints an individual or organization to handle their affairs in case they become unable to do so. This is called power of attorney.
Firstly, it might be helpful to understand the different terms that are involved. The people who appoint others to act on their behalf are usually referred to as principals. The persons or companies the principals appoint are called agents. Every agent will not necessarily have the same responsibilities. The documents that need to be signed fall under different categories as well.
These categories include a general, special and health care power of attorney. The general category usually has extensive powers appointed to them. These powers include access to safety deposit boxes, maintaining business interests and filing tax forms. Such powers can be effective if the principal is abroad and cannot sign for himself or is too physically ill to do so.
A special agent does not have such extensive powers. They are appointed to take care of certain matters only. These matters can be anything like collecting debt, selling property or even borrowing money.
Health care agents are appointed to make health care decisions on the principal's behalf. If the person is in a car accident for instance, their health care agent can make decisions concerning life-sustaining procedures. Therefore, it is necessary to make sure of the reliability of the person being appointed as the agent.
Friends and relatives are commonly appointed as agents. They might be hesitant to accept such a big responsibility at first. It might be necessary to assure them that they will only be held responsible for misconduct if the abuse was intentional. Lastly, it is advisable to talk to a lawyer before making any decisions.
Firstly, it might be helpful to understand the different terms that are involved. The people who appoint others to act on their behalf are usually referred to as principals. The persons or companies the principals appoint are called agents. Every agent will not necessarily have the same responsibilities. The documents that need to be signed fall under different categories as well.
These categories include a general, special and health care power of attorney. The general category usually has extensive powers appointed to them. These powers include access to safety deposit boxes, maintaining business interests and filing tax forms. Such powers can be effective if the principal is abroad and cannot sign for himself or is too physically ill to do so.
A special agent does not have such extensive powers. They are appointed to take care of certain matters only. These matters can be anything like collecting debt, selling property or even borrowing money.
Health care agents are appointed to make health care decisions on the principal's behalf. If the person is in a car accident for instance, their health care agent can make decisions concerning life-sustaining procedures. Therefore, it is necessary to make sure of the reliability of the person being appointed as the agent.
Friends and relatives are commonly appointed as agents. They might be hesitant to accept such a big responsibility at first. It might be necessary to assure them that they will only be held responsible for misconduct if the abuse was intentional. Lastly, it is advisable to talk to a lawyer before making any decisions.
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