Learning about the responsibilities and limitations of powers of attorney has many benefits. You can make informed decisions if you are entrusted with this legal designation, and you can evaluate your candidates wisely when selecting who to appoint.
Setting up and implementing a power of attorney (POA) document can be confusing at first. But by knowing what you can and can’t do with this title, you are one step closer to creating a solid plan that will benefit the principal and the agent. Here is a list of essential information about the power of attorney:
Contrary to popular opinion, POA isn’t always limited to both financial and medical matters. There are documents that are solely for healthcare, while others can be focused on properties. Some POA documents are also time-bound and may not be valid if the grantor becomes incapacitated. It is important to set your goals for creating a POA so that the document will be drafted based on them.
POA is not similar to a conservatorship where your power to act is removed by the court and is placed on someone else. This document only entitles your agent to also act on your behalf under certain limitations. If you can still make decisions regarding your health care and finances, you can still do so.
As long as you can make legal decisions, you can still revoke or amend a POA. If you believe that the first draft does not fulfill your goals, you can always consult a lawyer for the changes that have to be made.
Many people are confused about which document takes effect when the grantor becomes deceased. At the moment of death, all actions allowed in the POA must cease. Otherwise, the acting agent might have to face legal repercussions. This is also when the appointed person in the last will and testament can take over and make decisions that involve the estate.
When it comes to drafting and implementing a power of attorney document, it is wise to choose an experienced legal practitioner who can assist you throughout the process. This way, you can make sure your goals will be achieved.
Choose Beth Sparks Hunt Attorney at Law. Our accomplished lawyer is committed to providing reliable legal assistance. We can help you make decisions about financial and healthcare POA documents. Get in touch with us to get started.
