People cannot always be certain what to expect from life. That is why they find it necessary to have certain documents ready in case something happens. These papers generally allow other people to act on their behalf. This is generally referred to as the power of attorney.
Firstly, it might be helpful to understand the different terms that are involved. The people who appoint others to act on their behalf are usually referred to as principals. The persons or companies the principals appoint are called agents. Every agent will not necessarily have the same responsibilities. The documents that need to be signed fall under different categories as well.
These are general, special, and health care powers of attorney. The general type can handle a broad spectrum of affairs. Such duties include handling bank transactions, purchasing or selling property, or settling claims. The agent only handles these affairs on behalf of the principal when they are unable to do so themselves.
A special agent does not have such extensive powers. They are appointed to take care of certain matters only. These matters can be anything like collecting debt, selling property or even borrowing money.
Health care agents are appointed to make health care decisions on the principal’s behalf. If the person is in a car accident for instance, their health care agent can make decisions concerning life-sustaining procedures. Therefore, it is necessary to make sure of the reliability of the person being appointed as the agent.
Should the principal become unable to make important life or financial decisions, the agent will make it on their behalf. A friend or relative that is appointed the power of attorney should therefore have the principal’s best interests at heart. It might be a good idea to talk to a legal advisor before signing any documents.
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