Financial & Medical
What is a Powers of Attorney?
A Powers of Attorney is a document you prepare in order to give your “attorney-in-fact” or “agent” the legal authority to make decisions on your behalf.
When do Powers start?
You may decide if you want these powers to go in to effect at the time of signing the document or upon your incapacity. You may even make your agent give a report to someone else to make sure that your matters are being handled as you would wish.
General vs. Specific Powers
Although Powers of Attorney may be given to cover only a specific need, those found as part of an Estate Plan will be General Durable Powers of Attorney. This means that your agent is able to handle most of your personal and financial matters for you even in the event of your incapacity.
Choosing your Agent
You are allowing someone to step in to your shoes and make almost all decisions that you would have otherwise made. As such, you should chose someone that you know will always act in good faith on your behalf, whether it is your spouse, adult child, relative, or trusted friend.
Who needs a Powers of Attorney?
Regardless of your age or current situation, it is always a good idea to have a Powers of Attorney in place. You never know when “life” is going to happen and you will need a helping hand.
Allow the Estate Planning Lawyers at Walden & Pfannenstiel to prepare this important document for you. Your loved ones are at a great disadvantage and unable to assist you without it.