There are often situations throughout an individual’s life where they cannot complete a major transaction or provide a necessary signature for any number of reasons. In these cases, the individual may want to have another person act on his or her behalf. Of course, not just anyone can sign important documents or make a financial decision for you without your permission. Therefore, in order to prepare for a situation like this, it is a good idea to consider appointing power of attorney to someone that can be completely trusted with such important matters.
A power of attorney can help when an individual becomes incapacitated due to illness or injury, if they cannot be present at an important financial event, or if they leave the country for an extended time and need to handle matters back at home. There are several different types of power of attorney, each of which allows an individual to grant certain responsibilities. A few options are as follows:
- A general power of attorney allows an individual to grant another person the power to act on their behalf in real estate transactions and financial matters
- A limited power of attorney will allow an individual to act on another’s behalf in only a specific situation
- A durable power of attorney allows a person to act on one’s behalf in many situations, including after the principal becomes disabled or incapacitated
If you have questions about appointing a power of attorney, contact our firm today.
If you need the services of an experienced Montgomery County attorney who focuses on wills, trusts, and estates, please contact Friedman Schuman today to schedule a consultation today.