Power of attorney in Greenwood, Indiana permits one person to make particular decisions for another, under particular conditions. There are different reasons why one might grant power of attorney. However, most of them revolve around the possible incapacitation of the person authorizing the power - so that their wishes can be carried out even if they become unable to express them.
The principal is able to dictate the precise scope of the attorney-in-fact's authority. If you are giving someone power of attorney, you're probably planning on giving it to a close friend, family member, or life partner. The exact scope of the power is up to you, and will depend on what your goals are.
One very frequent reason for granting power of attorney is that the grantor believes that they might become incapacitated, due to age or illness, in the fairly near future, and they want to make sure that their preferences relating to care at the end of their life are followed. Of course, if nobody knows what that person's preferences are, and the patient is unable to express them, family members and doctors will simply have to guess. Obviously, there's a good chance that they could get it wrong. Thus, you should make your desires well-known to those who will be in a position to implement it, and grant, in writing, a person you trust (such as a spouse, life partner, sibling, or adult child) the authority to carry out your wishes, if necessary.
In Greenwood, Indiana, you can find pre-printed power-of-attorney forms in many office supply stores. If the agreement you want to create isn't very complex, these could be a viable and very affordable option. Of course, it never hurts to have a lawyer help.
Types of Power of Attorney Arrangements in Greenwood, Indiana
In Greenwood, Indiana, there are 3 types of power of attorney. They are:
1. Limited power of attorney - this authorizes the attorney-in-fact to act on your behalf on a single subject, in one instance. This is a good option if you are involved in a business transaction happening in another state or country. Suppose you want to buy a house on the other side of the country, and just need to sign a few papers to finish the deal. Rather than incurring the expense of traveling there, you could give limited power of attorney to a third party who lives in that state, and they can sign the paperwork for you, finishing the deal. The power you've granted them would expire automatically once the deal is done.
2. Durable power of attorney - unlike limited power of attorney, this does not automatically expire, and can last as long as the principal wishes. It can also be revoked by the principal. For instance, if you want someone to handle your financial affairs for a time, you can give them the relevant power in your power of attorney agreement, and it will last as long as you want it to. Of course, you should only give such authority to someone you trust.
3. Springing power of attorney - this is a form of power of attorney which doesn't really take effect until the occurrence of some mentioned event. This event can be anything, but it is frequently the principal becoming disabled. You should be aware, though, that it is not always clear what "disabled" means in such an agreement, which can result in disagreements, resulting in litigation.
Can a Greenwood, Indiana Lawyer Help?
Because there are sometimes difficult issues involved in setting up power of attorney in Greenwood, Indiana, you should consult with a lawyer beforehand. You can tell the lawyer all of the relevant details about your individual situation, and your goals, and he or she will be able to advise you on the best course of action.