What Are The Top Benefits Of Having A Power Of Attorney?
A power of attorney (POA) is a legal document that gives someone else the authority to act on your behalf. A POA can be used to make decisions about your finances, healthcare, or property. You may need a POA if you become incapacitated or unable to manage your own affairs.
If you have a POA, you should name someone who will take care of your financial matters, pay bills, handle insurance claims, and deal with any legal issues. Your POA should specify what actions the person can perform and how long they can do them. It can be easy for you to get free power of attorney form templates at websites where legal documents online can be found for free or at a small cost.
What are the benefits of having a power of attorney?
If you do not have a POA yet, consider getting one now. Here is how it can be useful for you:
1. Protecting your assets
You want to protect your assets from being taken away by creditors or family members. Without a POA, your assets could be sold at auction or given to others without your consent.
2. Avoiding probate
Probate is a court proceeding where your estate is settled after you die. Probate costs money and takes time. By having a POA, you avoid probate and save money.
3. Making medical decisions
Your POA can help you make medical decisions if you are not able to speak for yourself. With the help of a medical power of attorney in Colorado, you can appoint someone to take care of your medical requirements and take important healthcare decisions on your behalf.
4. Managing your business
A POA can allow you to continue operating your business while you are incapacitated.
5. Avoiding fraudsters
Fraudsters often target people who are ill or disabled. Having a Power of Attorney can help keep you safe; with someone to look after you and your assets.
6. Getting out of debt
Debt collectors can harass you even if you are not physically present. A POA can give you peace of mind knowing that your debts will not be pursued while you are incapacitated or dead.