Power of Attorney in Lakewood Ranch Made Simple Adults whose parents are aging might have concerns about whether their elderly family members are capable of handling their personal and financial affairs. Even parents who maintain complete mental clarity may be dealing with physical challenges that limit them. Unfortunately, responsibilities do not go away when someone ages. Family members may be able to assist loved ones by assuming power of attorney status and handling things on their behalf. Power of Attorney Explained Bestowing power of attorney on someone means the one individual is authorizing the other to act on behalf of the person in legal and financial matters. Even when the basic explanation of what power of attorney constitutes, a bit of confusion may still exist. Dispelling the two most common misconceptions is necessary – and easy to do. Shedding Light on Two Misconceptions The first misconception derives from the basic semantics of the term. “Power of attorney” leads many to believe that representation rights are awarded only to an attorney. This is not the case. Power of attorney can be bestowed on anyone someone wishes to grant the power. So a parent is allowed to give power of attorney to an adult child. Also there is no relinquishing of rights when giving someone power of attorney. When a parent gives a son or daughter power of attorney, the parent still can act on his or her own behalf. Power of attorney is not in any way a statement of incompetency. A Legal Process State laws vary and the contract required to sign over power of attorney does have to be correct and in compliance with all statutes. A qualified attorney can draw up a proper power of attorney contract and, most importantly, explain the legal matters associated with the contract to all parties. Do you need help with power of attorney or other legal matters? For a free consultation, please call us today at 941-365-2253 or use our Contact Form.
