WorldExecutivesDigest | The Power Of Attorney: What You Need To Know | Power of attorney, or POA is a term used to give another person the power to act on your behalf; it is a legal document that empowers a third party to act on the principal’s behalf. This is a legal term that is used often to allow legal experts to conduct their business without the principal having to be present.
This can be useful in a variety of situations, such as if you’re going out of town and need someone to take care of your finances, or if you become incapacitated and can’t make decisions for yourself.
While a power of attorney can be a helpful tool, it’s important to understand the potential risks involved before giving someone else this authority. For example, if you name someone as your power of attorney and they misuse their authority, you may have difficulty reversing their actions. As such, it’s crucial to choose someone you trust implicitly and who has a good understanding of your wishes. When used correctly, a power of attorney can give you peace of mind knowing that your affairs are in good hands.
Illness Or Disability
When a person is either ill or has a disability and they are involved in legal proceedings, it is normal for the person to sign a power of attorney that enables their lawyer to act on their behalf without the principal having to be present. If you are in need of legal services, you can easily find a local law firm to help you out. For foreigners, there are international law firms in the country you are currently located as well, such as a Chinese law firm in Thailand. These law firms have multilingual attorneys to ensure nothing is lost in translation.
Durable Power Of Attorney
Once this document is signed, it can be used at any time, should the principal be unable to attend for any reason. The durable power of attorney is used when a client is busy and will not be able to attend court hearing or to sign legal documents; the lawyer has the power to sign on behalf on their client and there are no time limits with this POA.
Medical Power Of Attorney
This is used when a person wishes to name another who has the right to make medical decisions on their behalf. This is typically used when a person is old and prefers to give a trusted third person the power to make medical decisions on their behalf, which may include palliative care and/or medical intervention.
General Power Of Attorney
This is a document that empowers a nominated third party to make any decisions. This allows them to manage bank accounts, sign cheques, buy or sell real estate and manage the principal’s affairs.
Limited Power Of Attorney
As the name implies, this is a limited power of attorney that gives the lawyer limited capabilities to act on the principal’s behalf. There may be a time limit on this type of POA, which would need to be renewed when it expires.
Healthcare Power Of Attorney
This is generally set up when a person is elderly and wants to ensure that a trusted 3rd person makes healthcare decisions on their behalf. When a person gets old, they may not be able to make sound decisions regarding their own healthcare and in such cases, the person would nominate a person they trust to make healthcare decisions on their behalf.
If you should ever be in need of legal advice or representation, there are experienced lawyers to assist you and they can easily be located with an online search. Whether you are on the receiving end of a lawsuit, or wish to register a business, a team of experienced lawyers are always ready to help, especially when you need power of attorney for whatever reason. Without power of attorney, the legal sector would not be able to operate and the person granted this has a lot of responsibility.