There are many things that people assume when they hear the term “power of attorney”. There are already some misconceptions about the meaning of the terms used in that concept. Attorney is usually used to mean a lawyer, however, in this case it refers to a person that is given the right to act on behalf of another in the same way that the represented person would have done. It can be said to be acting in someone’s place with their full authority.
For a better understanding of what power of attorney is and how it is carried out, the following post should be of great assistance:
Powers of Attorney in General
So, a Power of Attorney is simply the document through which a principal appoints an attorney-in-fact to act on his behalf. Powers of Attorney come in a virtually infinite number of variations in the scope, timing, and duration of the attorney-in-fact’s powers. The Power of Attorney itself can grant the attorney-in-fact powers that are very broad or limited to only a single act. The appointment can last only a predefined time, or it can be indefinite. And, the appointment can begin upon execution of the Power of Attorney, or it can begin at some time in the future, whether a defined date or upon some triggering event. Read more at Lucent Law…
As explained in the post above, one has the freedom to determine many factors regarding power of attorney. For instance, you can opt to have it effective at a given point in the future or have it effective immediately.
Another critical question that is usually asked is about durable power of attorney. The following post explains this in detail:
A durable power of attorney serves the same function as a power of attorney. However, as its name implies, the agency relationship remains effective even if you become incapacitated. This makes the durable power of attorney an important estate planning tool. If incapacity should strike you, your agent can maintain your financial affairs until you are again able to do so, without any need for court involvement. That way, your family’s needs continue to be provided for, and the risk of financial loss is reduced. A durable power of attorney ends at your death. Read more at 360 Financial Literacy…
Durable power of attorney basically allows the “attorney-in-fact” to continue acting on your behalf until you die. Therefore, durability means that the authority to act on your behalf is permanent. This means you need to choose your agent very wisely — someone that you can entrust with your very life.
On the other hand, if you feel that you only need someone to handle specific issues in your life, such as finances or health, you can do so. This helps in situations when you are not able to handle matters on your own. The following post gives more details on this:
But wait. There is more. There are two kinds of durable powers of attorney: a durable power of attorney for finances lets you name someone to manage your financial affairs if you become incapacitated, and a durable power of attorney for health care allows someone to make medical decisions for you if you are no longer able to speak for yourself. Preparing these two documents, along with a health care directive — more commonly known as a living will — that sets out your wishes for medical care, ensures that your health and financial matters will stay in the hands of trusted people you choose. Read more at Remmont.com…
Arrangements such as the ones explained above will ensure that, in the event tragedy strikes, both you and your loved ones are taken care of. It’s peace of mind that everyone could use.
If you haven’t legally designated your power of attorney, contact Meek Law Firm today to discuss your needs. Attorney Jonathan Meek has assisted many people with this important legal matter and he can help you as well. Call (704) 848-6335 or use the contact form on the right of this page to schedule a consultation appointment. We look forward to hearing from you.