Many times life can take unexpected turns. Therefore, most people want to be as prepared as possible for any situation that might arise. As a result, they sign a document that appoints an individual or organization to handle their affairs in case they become unable to do so. This is called power of attorney.
It is essential to understand the different terms relating to this concept. The person who initiates and signs the agreement is called the principal. The person he or she appoints to make the decisions for them is called the agent. In addition, one should note that different types of agents and documents exist.
These are general, special, and health care powers of attorney. The general type can handle a broad spectrum of affairs. Such duties include handling bank transactions, purchasing or selling property, or settling claims. The agent only handles these affairs on behalf of the principal when they are unable to do so themselves.
The special type on the contrary does not have such a broad spectrum of affairs to handle. He or she generally takes responsibility for specific aspects only. These aspects can range from making banking transactions to managing or mortgaging real estate for someone.
The health care type has the authority to make decisions concerning health care issues. If the person becomes mentally incompetent or lies in a coma for instance, these agents will follow the person's wishes regarding things like life support. Therefore, it is very important to ensure that someone that can be trusted is appointed.
The agents should also be extremely trustworthy and reliable. They usually agree to act as power of attorney without the promise of any compensation. It is generally advised that someone wishing to sign such documents should speak to a lawyer first.
It is essential to understand the different terms relating to this concept. The person who initiates and signs the agreement is called the principal. The person he or she appoints to make the decisions for them is called the agent. In addition, one should note that different types of agents and documents exist.
These are general, special, and health care powers of attorney. The general type can handle a broad spectrum of affairs. Such duties include handling bank transactions, purchasing or selling property, or settling claims. The agent only handles these affairs on behalf of the principal when they are unable to do so themselves.
The special type on the contrary does not have such a broad spectrum of affairs to handle. He or she generally takes responsibility for specific aspects only. These aspects can range from making banking transactions to managing or mortgaging real estate for someone.
The health care type has the authority to make decisions concerning health care issues. If the person becomes mentally incompetent or lies in a coma for instance, these agents will follow the person's wishes regarding things like life support. Therefore, it is very important to ensure that someone that can be trusted is appointed.
The agents should also be extremely trustworthy and reliable. They usually agree to act as power of attorney without the promise of any compensation. It is generally advised that someone wishing to sign such documents should speak to a lawyer first.
About the Author:
Family Mediation Surrrey experts Barlow Robbins can help with all your Solicitor Surrrey needs.
No comments:
Post a Comment