Sometimes, we are unavoidably absent due to illnesses, accidents or travels. Some other times, we are just too busy chasing one thing that we cannot afford to give appropriate attention to other things that matter to us. In such times when we get entangled in a situation that requires an extra hand, that is where power of attorney comes in.
What is Power of Attorney (POA)?
In case you didn’t know what is POA, in simple terms, a power of attorney (POA) is a legal document that allows you as the principal, to designates another person is known as the agent to act for you and to decide for you on selected matters or all matters. It is a document that establishes a legal relationship between a principal and an agent, granting the agent the authority to act on behalf of the principal.
Well, now that you know what it means, certainly that you are itching to hear how and when you can rely on this powerful concept to make life easier and more efficient for you. Well, let’s dive right into it.
Generally, you need Power of Attorney when you are incapacitated or unavailable to make key legal decisions for yourself. Times like:
1. When You Will Be Out of the Country for a Long Period or When You Travel Too Often
Some people’s line of work makes them travel more than normal and some of them are unreachable for the period they are gone. The good examples of such professionals are the people who work in oil and gas offshore platforms. Some other people like aid workers and military personnel are known to reside in remote areas for a very long time on missions. For such people, it is important to obtain a power of attorney to ensure the smooth running of their affairs even while they are gone.
2. When You Are Ill or Disabled
Power of Attorney is more commonly used when one is afflicted with illnesses such as Dementia or Alzheimer’s and other degenerative diseases that can greatly affect concentration, efficiency, and reasoning. In a time like that, it is advisable to get a durable power of attorney.
3. When Your Profession Is a Risky One
Occupations with high chances of incapacitation such as offshore works require a power of attorney as a precautionary measure for mishaps.