Should you or a loved one become incapacitated due to an accident, illness, or injury, having a power of attorney already in place can protect your best interests. Not only does this process allow you to designate a trusted family member or representative to make decisions on your behalf, but you can also specify the conditions under which it goes into effect and limit the scope of power given to them.
When creating this document, you should be cautious in who you choose to entrust this authority with and consult with a knowledgeable attorney with proven experience in navigating this complex area of law. At The Law Offices of Thomas Stahl, we can advise you on your chosen representative and suggest what types of authority you should allow them depending on your current life circumstances.
Since 2011, state law has required powers of attorney to include two witness signatures and notarization. You must also be legally competent when you sign this document, or a court may declare it unenforceable. These requirements can be easily met by relying on an estate planning attorney at The Law Offices of Thomas Stahl to help you create and execute your POA. We can ensure that you have included all the restrictions, expirations, and other provisions necessary to make your wishes known should you become unable to make critical financial decisions independently.
There are two primary forms of financial power of attorneys to choose from when planning your estate.
This option allows your chosen representative to control most of your financial affairs but will enable you to specify some preferences, including choosing a guardian of your estate. This POA requires financial institutions, like your bank, to recognize the authority of the individual you chose to handle your affairs should you become incapacitated.
Using this type of POA is similar to a statutory financial version, but you can choose which specific areas of authority you are allowing your chosen agent to have.
This POA addresses other financial matters not covered under a standard power of attorney. You may want to find out if this is a good option if you have a business to run, digital assets, or other related matters not covered by the other two POAs mentioned above.
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