Power of Attorney

What Is a Power of Attorney?

A Power of Attorney is a written authorization for an agent to perform specified acts, either personal or estate, on behalf of a principal and is generally of three types:

Durable (In which the powers granted remain in effect in the event of the grantor's incapacity or on being adjudged incompetent)

Springing (in which the powers granted become effective when the grantor becomes incapacitated or is adjudged incompetent)

Health Care (which may be used to authorize health care decisions in the event of incapacity)

Certain Powers of Attorney, such as those involving the ability to transfer real property, require recording, and must be executed in a specific manner. It is recommended that legal advice be obtained before executing powers of attorney as an alternative to guardianship. In addition, there are few safeguards or protections from abuse or misuse of Powers of Attorney. For that reason, the agent of a power of attorney should be of good character and be very carefully chosen.

YOUR POWER OF ATTORNEY LEGAL STRATEGIES

  • A Power of Attorney for Health Care lets someone you trust make medical decisions for you when you can't. You tell the doctors who speak for you.
  • Do you have IRA's, CD's, investment accounts, or bank accounts in your name alone? If you need someone to access these for you when you can't - you need a Power of Attorney now.
  • You can give someone the power now or only when you become incapacitated. You control when the power becomes effective.
  • A Health Care Power of Attorney and a Living Will are both helpful in the basic estate plan. Do you need both? Maybe.
  • Do you travel often? Do you go south for the winter? Having someone with the ability to access your accounts at home can solve many problems in an emergency.
  • Tell the doctors and banks that you control what's important to you. Give that control to someone you trust so - your wishes are carried out the way you want.
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