Create a Power of Attorney to ensure your a person you trust can make decisions in your stead
As part of the estate planning process, it is important to address the issue of who will be responsible to make decisions on your behalf should you be unable to make them yourself. Giving an individual this power is done through a document known as a “power of attorney.”
You can set up a power of attorney (POA) personally, however, it is always better to seek the help of a qualified estate planning lawyer who can work to ensure that all documents are correctly drafted and that they protect your interests.
Types of Power of Attorney Documents
When giving an individual POA as part of your estate planning process, you can choose to give them control over your financial assets, your medical care, or both. These documents are aptly named Financial and Healthcare powers of attorney. They are both designed to designate a trusted family member to act on your behalf should you be incapacitated.
Depending on your needs, you can create POAs that have very few limitations on what the designated person can do, essentially giving them nearly full authority. Alternatively, you can create limited POAs that will only grant an individual the ability to make decisions in very specific situations.
If you decide to create a limited POA, it is important to choose an experienced estate planning attorney. This will ensure that the document is properly written and there are no loopholes or elements that can be subjected to interpretation.
Regardless of the extent of authority that a POA gives, the document must specify when and under what circumstances the designated individual is granted the listed powers. A durable power of attorney enables the agent to start making decisions immediately after it is created, while a sparing POA requires the principal to be first incapacitated.
Is it possible to modify or revoke a Power of Attorney?
Yes, changing the terms of a Power of Attorney is possible, as well as completely revoking it after it has been created. Among the most often enacted changes to POAs is the introduction of conditions under which the agent’s powers should be removed or the addition of new limitations.
You have to follow specific procedures in order to follow POA documents, however, an experienced estate planning lawyer will be able to guide you through the entire process.
It is also important to remember a POA can also be terminated by an individual who has guardianship of your estate, provided that they believe it would protect the estate. If the document is terminated, spouses that have been granted POA will also have their role as an agent revoked if you divorce.
If you decide to invalidate an outdated power of attorney and replace it with an updated one, you will need to go through additional procedures, including filing an instrument of revocation with the register of deeds office in which it was recorded.
How to Contact Luckenbill Power of Attorney Lawyers?
Book a meeting now with us to create a Power of Attorney that will always work in your favor.
