A power of attorney is a legal document that gives someone else the authority to make decisions on your behalf if you become incapacitated. There are two types of powers of attorney: a general power of attorney and a specific power of attorney.
General power of attorney: A general power of attorney gives the person you name broad authority to make decisions on your behalf, such as managing your finances, selling your home, or making medical decisions.
Specific power of attorney: A specific power of attorney limits the person’s authority to certain tasks, such as managing your finances or selling your home.
When to Use a Power of Attorney
A power of attorney can be used in a variety of situations, such as:
- If you become ill or injured and are unable to make decisions for yourself.
- If you are traveling or living abroad and need someone to manage your affairs in your absence.
- If you have a disability and need someone to help you manage your finances or other affairs.
- If you are elderly and need someone to help you with your day-to-day care.
Who Should You Name as Your Attorney?
The person you name as your attorney should be someone you trust and who is capable of making sound decisions on your behalf. You may want to name a family member, friend, or lawyer as your attorney.
How to Create a Power of Attorney
To create a power of attorney, you will need to sign a legal document that sets out the powers that you are giving to your attorney. You will also need to have your power of attorney witnessed by two people.
Changing or Revoking a Power of Attorney
You can change or revoke your power of attorney at any time. To do this, you will need to sign a new legal document.
A power of attorney is an important legal document that can help to ensure that your affairs are taken care of if you become incapacitated.
If you do not have a power of attorney, or if your power of attorney is outdated, you should consult with an experienced estate planning lawyer to get started.
This article is for informational purposes only and is not legal advice. Contact us today to discuss your specific situation.