General powers of attorney typically are regarding finances, and a principal gives powers to an agent. In each power of attorney, one or more specific people are named as the agents. It can be incredibly difficult for people to decide upon who should be their agent, especially when adult children are involved. Hard feelings can certainly come up, and often principals try to identify their agents while keeping this potential friction in mind.
For some, power of attorney can be confusing. The people normally named in powers of attorney are often not even lawyers. In powers of attorneys, there is a principal who grants to someone else the ability to act on his or her behalf. There is also an agent in each power of attorney, and the agent is the “attorney in fact” who acts on behalf of the principal.
Regardless of marital status, whether kids are in the picture, health and age, certain key documents are a key part of every adult’s moral responsibility to their family and friends. Many people think they’re too healthy or too young to worry about a will or power of attorney. However, in Lee’s opinion, every adult should have three legal document in place: general power of attorney, healthcare power of attorney and a will.
A power of attorney is an important legal document that many people misunderstand. There are different forms: healthcare and general.
Power of attorneys can be durable, meaning they allow the person named in the document to make decisions for the person who is incapacitated. However, once the principal dies, the agreement is void.