Power of Attorney
Q: What is a Power of Attorney?
A: A Power of Attorney, or POA, is a legal document that acts as written authorization for someone to perform specific acts or make decisions on your behalf.
Q: What types of things can a Power of Attorney be used for?
A: The person you nominate in your Power of Attorney (your agent or attorney-in-fact) can do many things. Depending on how the document is drafted, it can be used to do almost anything you could do yourself – it simply gives another person the power to do it for you in case you are incapacitated or become incompetent. This includes simple things like paying bills, writing checks or discussing a prescription change with your doctor, to complex matters like selling your house, buying stock, or terminating life support.
Q: Are there different kinds of Power or Attorney?
A: Yes. There are many types of Power of Attorney, including: General Durable, Springing, Specific/Limited and Healthcare.
In a General Durable Power of Attorney, the powers cover a wide range of business, financial, and legal matters. The powers go into effect immediately and stay in effect even if the grantor later becomes incapacitated or is found to be incompetent.
In a Springing Power of Attorney, the powers granted only become effective when the grantor becomes incapacitated or incompetent, or upon some other named event.
In a Specific or Limited Power of Attorney, the powers granted are only for a specific situation or a limited time, and nothing else.
In a Healthcare Power of Attorney, a person is granted power to make health care decisions in the event that the grantor becomes incapacitated.
For more information on Healthcare Power of Attorney, click here.
Q: Can I change or cancel my Power of Attorney?
A: Yes, most Powers of Attorney are “revocable,” which means you can change or cancel them at any time. Contact an estate planning attorney for more information by clicking here.
Q: Can a Power of Attorney be used after my death?
A: No. The powers granted in the document terminate upon the grantor’s death. An attorney-in-fact who uses the POA after the grantor has died may be held financially responsible to the grantor’s estate for any actions taken after death. The proper procedure to take care of assets after the grantor has died is to open and administer an estate. For more information on Probate, click here. To contact an experienced Probate attorney, click here.
