Power of Attorneys
A power of attorney is a legal document which allows an individual or a corporation to authorize another to act on their behalf. This agent may be bestowed with limited powers/special powers i.e. to carry out specific tasks on behalf of the individual/firm or general powers and authority given to the agent to act on their behalf in general in their absence/inability. These instruments are often used when the principal’s decision making capability is hindered by reason of mental or physical disability or hindered in some other way like travel, paucity of time etc. Power of attorney documents are not only restricted to authorize lawyers but may also be given to family members like spouse and/or children, employees, caretakers, to authorize them to carry out powers as vested to them by the principal. An individual may adequately protect their loved ones after their lifetime by means of a last will and testament, however in the event of any physical disability/incapacity during the lifetime of an individual due to an accident; if no Power of Attorney exists, the family will lack the means of representing them. Thus, a last will and testament should be supplemented with a Power of Attorney to a spouse/children or any other family member in order to ensure that even if an individual is alive but incapacitated, the family can manage the assets and finance in general.
