Power of Attorney
A power of attorney is a legal document you can use to appoint someone to make financial and legal decisions for you. The person you appoint is called an attorney.
Overview
Most people choose a family member or friend to be their attorney. You could also ask a professional, such as your lawyer or accountant or a trust company to be your attorney. The most important thing is to choose someone you trust — you’re giving your attorney a lot of power.
A general power of attorney ends automatically if you become mentally incapable or die. An enduring power of attorney continues — or endures — if you become mentally incapable.
A power of attorney is a legal tool used to plan for managing your financial and legal affairs while you are still alive. On the other hand, a will outlines how your assets and belongings will be distributed after your passing.
It’s important to note that a power of attorney does not grant the authority to make personal care or healthcare decisions on your behalf. For these types of decisions, you will need a representation agreement.
What Do Lawyers Provide?
During the process of creating and managing a Power of Attorney (POA), lawyers provide several key services, including:
Drafting the Document: Lawyers help draft the POA document to ensure it meets legal requirements and accurately reflects your wishes. They tailor the document to specify the powers you grant and any limitations or conditions.
Explaining Options: They explain the different types of POAs—such as general, durable, or limited—and help you choose the one that best suits your needs.
Advising on Legal Implications: Lawyers provide guidance on the legal implications of granting power of attorney, including the potential consequences for both you and the person you appoint.
Ensuring Compliance: They ensure that the POA complies with state or national laws and that it is properly executed, including witnessing or notarizing the document if required.
Providing Guidance on Choosing an Agent: Lawyers offer advice on selecting a trustworthy and competent agent who will act in your best interest.
Updating and Revoking: They assist with updating or revoking the POA if your circumstances or wishes change, ensuring that your legal documents remain current and effective.
Addressing Disputes: If disputes arise regarding the execution or interpretation of the POA, lawyers can provide legal support and representation.
By leveraging their expertise, lawyers help ensure that your POA is legally sound and aligns with your personal and financial goals.
Do you need a POA?
It is advisable to use a lawyer who specializes in this area of law because it’s complex.
Beside this, you’ll find links to resources that can help you determine if you need a Power of Attorney, along with additional information to assist you in taking this next step.