POWER OF ATTORNEY
A power of attorney is a legal document that gives another person or persons the authority to act on your behalf as your agent or “attorney-in-fact.” A properly executed power of attorney allows your agent to buy or sell property on your behalf, manage your business and financial affairs, and make many other important decisions. There are several situations where a power of attorney may be necessary to allow you to see that your affairs are conducted in accordance with your best interest. Some of these situations include temporary or permanent mental or physical disability or simply a long-term absence from your usual place of residence. If you find yourself in a situation where you need someone to help you handle your affairs, our attorneys at the Ron Aslam Law Office can assist you with the drafting a power of attorney specifically tailored to meet your needs and to ensure peace of mind for you and your family.
While the law provides certain formal requirements surrounding the execution of a power of attorney, the law allows people the flexibility to draft a power of attorney that will fit their specific needs. For example, a power of attorney may be temporary or permanent. Permanent powers of attorney are called “durable,” which means that the power of attorney remains in effect until death or revocation. The scope of a power of attorney may be as broad or as narrow as the situation demands. A power of attorney may come into effect immediately upon execution or may be delayed so as to “spring” into effect upon the occurrence of a certain event. The terms of a power of attorney are entirely up to you. There are no formulas or magic words needed to protect your interests.
To act as an agent under a power of attorney, the agent must be over 18 years of age and of sound mind. Most people choose a family member to act as their agent. The most important factors to consider when choosing a person to act as your agent are integrity and trust. If more than one agent is chosen, then it is important to draft provisions to govern the situation where both agents cannot agree on an undertaking. Also, it is prudent to name a successor agent to act if the primary agent is not available. A power of attorney gives another person tremendous power over your affairs. Under a power of attorney, another person can act on your behalf just the same as if you performed the act yourself. If you think that a power of attorney may be of help to you, consultation with an attorney is critical to make sure the document meets your needs. Life planning decisions can be very difficult, at the Ron Aslam Law Office, our attorneys will help you handle these sensitive matters with empathy and professionalism. Contact the Ron Aslam Law Office today at (502) 536-7981 to find out what we can do for you.