A power of attorney is a legally binding document that gives another party the ability to manage your affairs or make certain decisions on your behalf. There are various scenarios in which having a power of attorney is essential for protecting yourself or your family’s financial security. If you are interested in creating such a document, turn to an estate lawyer at MacVean, Lewis, Sherwin & McDermott, P.C. in Middletown, NY.

Why Your Estate Lawyer May Recommend Creating a Power of Attorney

What They Can Do

There are various kinds of powers of attorney, and they ultimately differ in the scope of powers they grant the agent. For example, a general power of attorney grants a broad range of powers to the agent, including the ability to settle claims and complete financial transactions on your behalf. A comprehensive estate plan will always include a general power of attorney to ensure a loved one can handle your financial matters should you ever become incapacitated.

A special power of attorney grants a more limited scope of powers you can customize based on your particular needs. For example, you can create such a document to allow someone to manage any rental properties, collect debts, or handle business transactions on your behalf, but not necessarily to do all three. If you wanted to allow someone to do all three, you would create a general power of attorney instead.

Why Everyone Needs One

Even if you do not have many assets to manage and don’t foresee the need for a power of attorney, you should still consider establishing one for health care purposes. A health care power of attorney will grant your agent the authority to make critical medical decisions on your behalf should you ever become unable to do so for yourself.

If you want to create a power of attorney, contact MacVean, Lewis, Sherwin & McDermott, P.C. in Middletown, NY. Visit their website to learn more about their various areas of practice, including corporate law and elder law, and call (845) 343-3000 to talk to an estate lawyer about your situation today. You can also connect to the law firm on Facebook.