As we go through life, we all face unexpected events that can change our circumstances in an instant. We may suffer an accident or illness that leaves us unable to make decisions for ourselves. In such cases, having a Power of Attorney in place can be a vital resource for protecting your interests. This article will explore why having a Power of Attorney is important and the different types of Power of Attorney available.

Need to Know About a Power of Attorney

Why have a Power of Attorney?

A Power of Attorney is a legal document that allows you to appoint a trusted person or entity to make decisions on your behalf. This person, known as an agent or attorney-in-fact, can be authorized to act in a variety of situations, such as managing your finances, making healthcare decisions, or handling your business affairs. 

Having a Power of Attorney is particularly important if you become incapacitated and are unable to make decisions for yourself. Without a Power of Attorney, your loved ones may need to go to court to obtain legal authority to act on your behalf. This can be a costly and time-consuming process that can lead to disputes among family members.

Different Types of Power of Attorney

There are several different types of Power of Attorney, each with its own specific purpose. 

A General Power of Attorney grants broad powers to your agent to act on your behalf in various matters, including financial and business decisions. This type of Power of Attorney is often used when you are unable to be present for important transactions, such as closing a real estate deal.

A Limited Power of Attorney, on the other hand, grants your agent specific powers for a particular purpose or period. For example, you may grant a Limited Power of Attorney to a trusted friend or family member to sign important documents while you are out of the country.

A Durable Power of Attorney is a type of Power of Attorney that remains in effect even if you become incapacitated. This type of Power of Attorney is particularly important for healthcare decisions, as it ensures that your agent can make critical decisions on your behalf if you are unable to do so.

At Rutherford Law Office, we understand the importance of having a Power of Attorney in place to protect your interests. Our experienced attorneys can help you navigate the different types of Power of Attorney and choose the one that best fits your needs. If you are located in Ross Chillicothe, Ohio, please contact us at (740) 775-7434 or visit our website to schedule a consultation.