What is a Power of Attorney?
A power of attorney is a document in which you (the principal) give another adult (the agent) authority to make decisions on your behalf when you cannot. They are often only effective while you are incapacitated and the power terminates on your death. A typical estate plan has 2 separate powers of attorney: one for financial matters and another for health care decisions.
Financial Power of Attorney
It can be effective immediately, regardless of whether you have the mental capacity to handle your own affairs. This is most often the choice of older parents who want help from their kids, or a spouse who travels a lot or is deployed overseas for long periods of time. Regardless, it should be durable, which means it will not terminate upon your disability or incapacity. This is extremely important because most people only want a power of attorney in the event of incapacity.
The Power of Attorney must be written, signed, and notarized to be valid. There are a wide variety of powers you can give your agent, but generally speaking they will have the same power over your property as you do. The agent must act as a reasonably prudent person would, and they can only spend your money if it is in your best interest.
A power of attorney will end if you revoke it, all appointed agents are no longer able to serve, or you die.
Durable Health Care Powers
A health care power of attorney works much like a financial power of attorney; you, as the principal, appoint another adult, an agent, to make health care decisions for you in the event of your incapacity. It also must be in writing and signed. In some states two witnesses are required instead of, or in additional to, a notary.
Do you still have questions about creating a power of attorney or wonder how they operate? Give us a call at 913-706-8491!
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