What is a power of attorney?
At times, it is convenient or essential to have another person act on your behalf. A power of attorney is a legal instrument that enables you to give the person legal authority to act for you. Circumstances that may warrant the need for a power of attorney include when the principle is not of sound mind or is medically incapacitated.
What options do I have?
It is effective from the date you sign it until when you become mentally incapable of making coherent decisions. It is advisable for the principle to define the exact authority they are giving the agent. For instance, you can give authority over the sale of your house. It is known as the limited power of attorney. You may also choose a broad range of powers such as access to your liquid assets; which is known as the general power of attorney.
Just as the name suggests, a durable power of attorney lasts a lifetime unless you cancel it. The contract one signs should state that they want the POA to continue even when they become mentally incapable if you wish so. Durable powers of attorneys are attractive since they enable the principal to manage personal affairs inexpensively and efficiently.
A springing POA
They are valid during specific instances only. That is why they should identify these situations clearly to avoid confusion.
A healthcare POA
A medical POA is both a springing and a durable power of attorney. The springing aspect is because the document is not effective as long as the principal is of sound health and mind. As long as the principal is not medically incapacitated, the healthcare power of attorney will not be triggered. Most medical powers of attorneys end when the principal recovers from the incapacitating healthcare condition.
If I have a living will do I need a medical power of attorney?
- You can have a living will alongside a power of attorney. A living will usually deals with particular issues and wishes in case the principal is terminally ill or is severely unwell. However, the living will might fail to handle urgent medical matters such as if you decline to have a blood transfusion or chemotherapy. Such concerns can be addressed under a power of attorney.
Can I revoke my power of attorney?
- If you wish to cancel your POA, you need to write a revocation request in writing then give a copy to all third parties involved in your business. Depending on where you filed your POA, you might be required to send a copy of the revocation letter to the county recorder.
Should I involve a lawyer when creating a power of attorney?
Even though there is no rule to whether or not you require a lawyer when getting a power of attorney sun city, individuals who have never done it might find the process challenging. The lawyer you hire will guide you on the POA you require, how to select an agent, the authority you should give to your agent, the terms, and other particulars.