A power of attorney is a legal document that gives another person the power to act in your place.
It is a written authorization that allows someone else to deposit and withdraw funds, sign official documents, enter into contracts, sign checks and tax returns, buy or sell real estate, and handle other matters for you should you become unavailable, or should you want to prepare for incapacity or unexpected illness. This essential document is one way of ensuring that the right person will step into your shoes should something happen to you.
Durable Power of Attorney
A power of attorney for finances, also known as a durable power of attorney or a financial power of attorney, gives a designated individual the authority to make legal and financial decisions on your behalf should you become unable to manage your own affairs. This person you choose, who will become the agent or attorney-in-fact, may be a very close relative, or a responsible and trusted friend.
Similar to a trust, a durable power of attorney may be written so that the transfer of responsibilities immediately takes into effect as soon as it signed. Spouses often have active financial powers of attorney for one another in the event that something happens to one of them, or for a spouse is out of town. The document may also state that it only goes into effect once you become incapacitated. Until that point, you may continue to make your own decisions.
A durable power of attorney ends at your death. A regular power of attorney, on the other hand, typically ends when the person who creates it loses mental capacity.
The durable power of attorney is among the simplest, most affordable, and most reliable tools to arrange for someone to manage your finances in case you become incapacitated or unable to make your own decisions. If you become incompetent or incapacitated without preparing this document, then your family or friends may not be permitted to make numerous important healthcare decisions, financial decisions, or even pay bills for you. A person who wishes to perform these tasks would need to go to court and first officially be appointed as your guardian.
A durable power of attorney is a powerful and enduring document, and comes with potential hazards. This is why it is important that a knowledgeable attorney draft this document carefully and thoroughly.
Health Care Power of Attorney
A health care power of attorney is a type of document that gives another individual the authority to make decisions that are healthcare related on your behalf, including the termination of care and life support. In many jurisdictions, a health care power of attorney is also called a health care proxy.
A durable power of attorney may also be considered a health care power of attorney in some jurisdictions.
Consult with an Attorney
Nobody likes to think about becoming disabled or winding up in the hospital for an extended period of time. It is, however, right and thoughtful to plan for the worst. Call (205) 502-2199 to speak with James B. Griffin to draft a power of attorney for the benefit of you and your loved ones.