Law

Why Is A Power Of Attorney Necessary?

We all have some estate and assets that are valuable to us. The estate must be ensured to provide benefits and acquisition ability in case one faces sudden death. In such cases, estate planning is considered an ideal choice. An estate planning attorney in Ridgeland can help you get started with an estate plan. 

There are high chances that you might have heard about power of attorney in estate plans. Power of attorney is an essential part of each estate plan. If you are worried about your health and want to find a way to get medical help for a severe health condition, a power of attorney can help you. Let us find out more about their significance and role.

What is a power of attorney? 

Before you get into the necessity of power of attorney, you should know what a power of attorney is. Power of attorney is a legal document allowing you to appoint another person or entity to make decisions on your behalf. You could expect them to manage your affairs when appointed by another entity. 

The person initiating power of attorney is known as the principal, and the person appointed to make decisions on their behalf is known as the attorney-in-fact. You should know that a power of attorney will only be valid if the principal is alive, physically healthy, and mentally fit. 

Why is a power of attorney necessary? 

  • Medical decisions 

A power of attorney can be used for initiating medical decisions. For instance, if you are worried about your medical health and want someone to make medical decisions based on your best interest, you can initiate a power of attorney. 

The person you authorize to make decisions on your behalf can act as per your wishes. You should state your wishes and demands in a power of attorney, which will be executed in case you face severe health conditions. In a nutshell, a power of attorney is necessary for ensuring your sound health. 

  • Legal and financial matters

You will likely encounter scenarios where you would be required to handle and deal with legal and financial matters. If you have multiple assets and bank accounts in your name, you can secure them by using a power of attorney. 

The person appointed to handle these matters will act according to your wishes. In such a case, a power of attorney can be helpful when you want to secure your financial elements and financial factors for your best interest. 

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