How Power of Attorney Helps Manage Family Affairs in Pennsylvania
It’s important that everyone is on the same page in a family emergency — especially as these can happen at any time. So long as you get a good POA form for your state, everything will be fine. Read on to learn how Pennsylvania families can benefit from an ironclad power of attorney document.
Why Power of Attorney Matters
Power of attorney lets someone make serious choices for you or a family member. If you’re incapacitated, this may be the only way to get you the right medical treatment. Anyone in your family could benefit from a form like this. Despite what lots of people believe, these forms aren't just for older relatives.You'll need these documents ready in case of a serious crisis. This isn't something anybody wants to imagine, but your preparations could make a world of difference. There are plenty of situations where these documents can come in handy — or even save a life. For this reason alone, you should set up a power of attorney.
What Are Pennsylvania’s POA Laws?
Most states have a broadly similar approach to Power of Attorney, in part thanks to the Uniform POA Act. However, there are some differences in Pennsylvania that you need to be aware of. If you don’t know these until it’s too late, your form might have no legal backing.Every Pennsylvanian POA document should begin with a notice to the principal about the power they’re granting their agent. The agent will also have to formally acknowledge that they’re aware of their new duties. This isn’t an especially common requirement, but it helps every party know where they stand.
Two witnesses must be present for the POA form’s signing; they also have to sign the document themselves. You’ll even need a notary in the room to validate and sign the form. You can usually get free notarization from major banks if you want to cut down on costs.
Expanding on the Uniform POA Act, Pennsylvania signed this in 2014. This means the power of attorney documents you complete in other states will still work in Pennsylvania. You’re also able to take your POA to any of the other signing states without worrying about them being invalid.
3 Ways a Power of Attorney Can Help Your Family
Power of attorney arrangements can take many forms, though the specifics are usually up to the people involved. But what situations can they actually help you (and your family) with? Here are three examples:1. Making medical decisions
If someone close to you is incapacitated, a power of attorney could be essential for making sure they get quality healthcare. For example, a family member would have the authority to approve of experimental treatments.A patient’s spouse, parent, or child may be the only ones equipped for these decisions. Though they would almost certainly find it difficult, they’ll fight for their family’s health in whatever way is necessary.
2. Handling family finances
A POA can also give control of someone’s finances to a family member in a crisis. For example, if they pass on their portfolio, their agent will have the authority to make their stock transactions.Similarly, if a single parent has to work abroad, their sibling could manage their child’s long-term savings account or college fund. Many people would only trust their family with this type of POA.
3. Managing a business
It’s even possible to hand over control of the family business to someone else through power of attorney. They’ll likely only pick a family member that they can trust to run a company smoothly.This person will be able to sign contracts on the owner’s behalf and make any number of critical day-to-day decisions. On top of this, they’ll take care of payroll and handle any issues affecting the company.
The Importance of POA Forms
Even the smallest mistake in your power of attorney documents could stop them from standing up in court. When someone’s life and future might be on the line, every POA form needs to be entirely legally binding.
Try to find a format that fits your (or your family member’s) specific situation. This will make it easier to outline the agent’s duties and responsibilities, including what they can and can’t do.
Your approach to power of attorney can guarantee it works out for your family. If you’re thinking about setting up an arrangement like this, it might help to consult a legal professional. They can walk you through the specific boundaries of each POA type and help you find the right one.
Do You Need An Attorney?
If so, post a short summary of your legal needs to our site and let attorneys submit applications to fulfill those needs. No time wasted, no hassle, no confusion, no cost.
Posted - 06/25/2024
Connect with us:
Learn about us:
