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All You Need To Know About Power Of Attorney

There are times or rather unavoidable circumstances, when you are not able to process important legal transactions. These circumstances could be illness, foreign travel, serving prison or more. Power of Attorney is a legal pact that provides the right to do a legal procedure on your behalf for your properties or do decision making about anything on your behalf. This can be done with a simple legal procedure where in a legal document, mentioning the rights provided to the person, you have assigned the power of attorney to has to be made and duly signed by both.

POWER OF ATTORNEY

Here is how you can use Power of Attorney to your advantage –

Health Concerns – Critical decisions related to health need to be taken with great presence of mind. With a medical attorney, you may might as well give the power to take any crucial decision concerning your health, when you are ill and not medically capable of taking them.

Legal Transactions – Whether is is about selling or buying a property or any legal transactions that involves money related transactions, it provides them the right to manage your assets on behalf of you.

Family Matters- A power an attorney is of a great help in circumstances where couples are married but are not able to move in because they work at different locations of the country or may be one of them is serving in the defense and is posted in some other location or remote area.

Business Decisions – It is quite helpful to businesses in situations when decision making authorities are not in a position to take decisions due to international travel or illness with inability in decision making, etc. For examples in a company with five board of directors, if one of them is unable to be present at the board meeting on a vital decision making subject, he can assign someone known to him to take a decision on his/ her behalf by providing them a power of attorney. Also, sometimes a busy schedule of the director does not permit him/ her to be present at each and every meeting that needs his/ her presence. Even in such cases, assigning a power of attorney for the same to could be quite useful.

Having said that, before assigning power of attorney to someone, you need to be very careful and choosy because the assigned person needs to be a loyal and honest person. Otherwise, he might as well misuse the same in the best of his/ her interest and you might end up in a soup. So, assign your power of attorney to an extremely reliable and trustworthy person and keep yourself fraud safe.

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