Take control over who makes decisions on your behalf.
A power of attorney is a legal document that gives someone else the authority to make decisions on your behalf. The person who creates the power of attorney is called the principal, and the person given the authority is called the agent. Depending on your needs, a power of attorney can be broad or limited.
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There are many types of power of attorney. For example, a general power of attorney gives your agent wide authority to handle your financial, legal, or business affairs. These documents are often used for those who are unavailable or who want someone to easily manage their affairs.
In comparison, a limited or special power of attorney restricts the agent’s powers to specific tasks. For example, the agent may be granted the authority to sell property or to manage one bank account. Either way, having a power of attorney in place can help you manage your finances, healthcare, and personal matters according to your wishes if you cannot handle them yourself.
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Developing a power of attorney is a key part of the estate planning process and something we can help with at Perkins & Adley, LLP. We offer comprehensive estate planning services to our clients in Rochester, Indiana, and we are here to ensure the validity and effectiveness of your power of attorney document.
We are ready to consult with you on your estate planning needs. To learn more about what a power of attorney does and how it can help you maintain your best interests, reach out to our law firm today.
FAQs About Power of Attorney
A power of attorney is one of the most important planning tools you can put in place before something unexpected happens. It allows you to designate a trusted individual the legal authority to act on your behalf, which can make a major difference if you become disabled or unable to manage your own affairs. Because this document can grant broad or limited authority, it’s worth understanding how it works before you create one. To help clarify the basics, here are answers to some common questions you might have.
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How can you help me create a power of attorney?
We can help you determine which type best fits your needs, prepare the document properly, and ensure it is valid and effective as part of your overall estate plan.
What is the difference between a general and a limited power of attorney?
A general power of attorney gives the designated person or agent broader power to handle financial, legal, or business matters. A limited or special power of attorney allows you to appoint someone you trust to act on your behalf for a specific purpose or a limited set of tasks, like authority to handle the sale of a particular piece of property, manage a particular account, or complete a designated transaction.
Why is a power of attorney important?
It helps ensure someone you trust can manage your finances, healthcare, or personal matters as you wish if you cannot do so yourself. Without it, your loved ones may face added legal obstacles during an already difficult time.
Is a power of attorney only useful for older adults?
No. It can be helpful for adults of many ages. It is often used not only for incapacity planning, but also when someone is unavailable and wants another trusted person to handle certain matters on their behalf.