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When to Establish a Power of Attorney

When to Establish a Power of Attorney

A power of attorney is a legal document that enables a person to choose another to act on their behalf in certain, or all, matters. Because a power of attorney grants a person authority over your affairs, it’s important to name a trusted person and how long they are allowed to have this power. You should set up a power of attorney well in advance of anything serious happening to you. For example, you should make it clear how you would like to be cared for if something medically severe happens to you, including who will make important health decisions on your behalf if you are temporarily or permanently incapacitated.

Types of Power of Attorney

There are several types of power of attorney you can grant, depending on your situation. These types are:

  1. Conventional Power of Attorney: this type of POA starts when it is signed and will continue until you become mentally unable to make sound decisions. It’s important to clearly state what authority you would like to give your agent. It could be something as small and specific as giving your attorney the ability to sign a deed of sale on your home or as intricate as giving your attorney access to your bank accounts.
  2. Durable Power of Attorney: this also starts when it is signed and remains in effect for the duration of your life, unless you initiate a cancelation.
  3. Springing Power of Attorney: this starts only after a specific event occurs. It’s important to specify exactly when this type of power of attorney begins and ends.
  4. Medical Power of Attorney: this is both a durable and springing power of attorney. It will take place only after a specific health event occurs and will remain in effect until the person is of sound mind and body once again.

We Can Create a Sound Power of Attorney Document

Don’t wait for the unthinkable before thinking about establishing a power of attorney. Our estate planning attorneys will help you construct a power of attorney document that reflects all of your wishes.

Contact our firm online or call us today at (704) 659-0007 for legal representation.

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