You Can Use A Power Of Attorney To Protect Your Business

A power of attorney gives someone else the ability to make decisions on your behalf. You can use a power of attorney to protect your health and finances, as well as your business.

Going over how you can use a power of attorney to protect your business, and speaking with a lawyer, will help you protect your business from unfortunate complications.

What Is A Power Of Attorney? 

A power of attorney is a legal arrangement that gives someone the ability to make decisions on your behalf in the event that you are unable to do so.

Just as an example, if you are in a coma and unable to consent to certain forms of treatment, you may not be able to receive the treatment you would say “Yes” to if you had the ability to do so.

On the other hand, if you have a power of attorney, someone else can consent to the treatment you need. This is because a power of attorney lets someone else make important decisions on your behalf, when you cannot do so.

You can use a power of attorney to ensure that your medical wishes are granted, in the event that you are unable to make your own medical decisions. But, you can also use a power of attorney to make many other types of decisions.

What Can You Use A Power Of Attorney To Do? 

You can use a power of attorney to ensure that your medical and financial wishes are granted. These can encompass things like consenting to certain forms of treatment or having someone else pay your rent when you cannot do so.

Outside of having your medical and financial wishes granted, a power of attorney can also be used to protect your business.

When you are incapacitated, you cannot make business decisions. This means you might not be able to work with clients, authorize payments, make investments, or purchase equipment, among many other things.

Your business can – and likely will – falter, if you can’t make the decisions that need to be made. But, if you set up a power of attorney that lets someone else make business decisions on your behalf, you can prevent this.

How Can You Establish A Power Of Attorney That Protects Your Business? 

To establish a power of attorney that protects your business, you must find someone who is equipped to make decisions on your behalf.

A good example of the above is as follows: if you have a business partner you trust, and you know they can run the business on their own, this could be the individual you choose.

Right after you find the person you would like to appoint, you must establish a power of attorney. This requires signatures, witnesses, and a fair bit of paperwork.

The best way to establish this power of attorney is to work with an estate planning lawyer. Your lawyer will walk you through the process and make it very easy for the person you choose to do what you may need them to do. 

Speak With A Florida Estate Planning Lawyer Today 

If you would like to develop an estate plan that satisfies your business planning goals, you should speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today. 

Sources: 

law.cornell.edu/wex/power_of_attorney

floridabar.org/public/consumer/pamphlet13/