What is a Power of Attorney?
There may come a time when due to injury, incapacity, or simply lack of time, you need someone to act on your behalf. This is where a Power of Attorney comes in handy. A Power of Attorney allows you to appoint a person, referred to as an Agent, to act on your behalf. There are a number of different types of Powers of Attorney depending on if and when you would like the Agent’s authority to end, and the scope of Powers that you’d like to grant them.
What can this agent do you ask? You can either allow your Agent a broad range of power or grant a limited number of duties for a limited amount of time. The powers can include real, and personal property transactions, representing you with a bank or financial institution, business transactions, claims and litigation, and a host of other things. It is up to you
Another frequent question is when an Agent’s powers would go into effect. That is completely up to you. You may desire for your convenience that the Agent be able to act on your behalf as soon as it is signed, or that it only goes into effect upon your incapacity. You may also designate when you would like the Agent’s authority to end, whether that be on a certain date, upon your incapacity, or you may revoke the Power of Attorney at any time.
If you’d like to discuss the ins and outs of a Power of Attorney in more detail and determine what is best for your situation, give our office a call to set up a consult with an attorney experienced in drafting Powers of Attorney.