Life is dynamic and you could find yourself incapacitated or unable to make sound financial or medical decisions. In such moments, you would wish you had a power of attorney. A Power of Attorney (POA) is a legal document that allows you to appoint someone to manage your medical, financial affairs, or property. At KGW law firm, we help you with the POA process and advise you on choosing a family member to act on your behalf.
The POA is often used when the principal can’t be present to sign necessary legal documents for a financial transaction. A durable power of attorney remains in effect if the principal becomes ill or disabled and cannot act in person.
Many states combine the durable power of attorney for health care and the health care declaration (living will) into a single form, commonly called an “advance health care directive” or “advance directive.” You may not be able to cover your medical care and finances in one power of the attorney document but our law firm allows you to make separate power of the attorney documents to make your life simpler.
When you make a durable medical POA—more commonly called a “durable power of attorney for health care”—you name a trusted person to oversee your medical care and make health care decisions for you if you are unable to do so.
Your attorney-in-fact can also hold other financial powers, including the ability to control your bank account, cash checks, or transfer funds.
A power of attorney can allow your attorney-in-fact to handle your legal matters. This ability means they can commence lawsuits and communicate with other parties on legal matters. Our attorney-in-fact can also sell property on your behalf.
When you want the power of the attorney, you can find a template online, on our company’s website. After downloading the form, you can fill it out and execute it in the context of your state’s guidelines. Finally, you should provide a copy of your signed document to your agent(s), financial institutions, and other impacted parties.
Our firm advises you to choose someone who is knowledgeable in the issues that may arise in case the power is invoked. For example, you need an attorney who understands the full responsibility that you wish to convey.
Once you have a power of attorney, you must choose your agent. Our lawyers are responsible for your interests and they champion your rights.
The POA gives the attorney in fact (also known as the agent) the power to make decisions about your affairs. In medical POAs life or death can be considered. In the financial sector, the agent has to present the power of attorney to a broker or banker to effect the sale of securities or to open and close bank accounts.
The agent does any activity just like the principal, for example, managing finances. If the principal dies or becomes incapacitated, the general power of attorney ends.
It allows another person to act on the principal’s behalf and has a durable clause that maintains the power of the attorney if the principal dies or becomes incapacitated. Our power of attorney is incredibly comprehensive and allows a third person to deal with your finances in case you become incapacitated. A DPOA can provide the trust of an expert on your financial situation if you like. A medical durable power of attorney allows you to name a physician who takes care of all decisions regarding your medical health.
Also known as a special power of attorney, this POA document limits the agent to a set number of conditions.
Springing Durable Power of Attorney
It offers a “springing” power of attorney and it takes effect when a trigger event occurs that incapacitates the principal.
If you are not mentally competent, you may fail to make good decisions. Our company, KGW Law advises you to take the power of the attorney. The legal documents are significant in helping you to make future decisions concerning your medical and financial wellbeing. You can have separate attorney documents for health, personal property, and finances.
If you need any help, you can reach out to us and we shall get back to you with advice on the best way forward.