Caring Arkansas Attorneys Helping You Make A Power Of Attorney
Many people assume that the need for a power of attorney or a living will is likely to occur many years in the future. However, families of young people sometimes unexpectedly need powers of attorney. Without a power of attorney, your parents, children or spouse will likely incur extra expenses and endure difficulties getting legal authority to handle your personal business.
Creating a power of attorney is not only a loving thing to do but also a very practical, foresighted way to protect assets and family members’ peace of mind. If you work with Legacy Estates & Trusts, PLLC, on an estate plan, you will receive not only documents such as powers of attorney but also thoughtful direction and advice.
Why Have A Power Of Attorney?
A comprehensive estate plan takes into account all situations that might require someone else to handle one’s personal or financial affairs, before or after death. While you are still living, you may someday lose the capacity to manage your assets and make decisions for yourself.
It might be temporary, such as after a car accident or after surgery, or while you are unavailable for a prolonged period of time for any reason (whether in jail, kidnapped or on a cruise). It might be in the days or weeks leading up to your eventual death. Many people reach a point when they are no longer competent to handle their own finances because they are in a coma, gravely ill or suffering from dementia. Carefully chosen powers of attorney can relieve your loved ones of many burdens if you are in such a condition someday.
The Many Varieties Available
With a durable power of attorney, your selected personal representative can handle your finances and property, make decisions about where you should live, and otherwise handle your personal affairs. A power of attorney can be customized, such as allowing or not allowing someone to sell your house before your death, for example, according to your preferences expressed in the document. A medical power of attorney or advance health care directive can likewise give your named representative the ability to make decisions about your medical care.
How Do You Choose A Power Of Attorney?
An agent is the person to whom you give the power of attorney. When choosing someone to act as your agent, choose someone trustworthy, responsible and capable of making important decisions on your behalf. It’s important they understand your wishes, can handle financial or medical matters, and are willing to act in your best interest. Discuss your expectations with them beforehand, and consider their availability and willingness to serve in this role. Consulting an attorney can also help ensure you make the right choice.
What Are The Duties Of An Agent?
An agent under a power of attorney must act honestly, loyally and in good faith for the benefit of the person who appointed them. Their duties include:
- Managing finances
- Making medical decisions
- Handling specific tasks as outlined in the document
Agents should keep accurate records, avoid conflicts of interest, and always follow the principal’s instructions and preferences.
What Are The Steps Of Creating A Power Of Attorney Document?
To create a power of attorney:
- Decide the type and scope of authority you want to grant
- Choose a reliable agent
- Clearly outline their powers in the document
- Consult an attorney to ensure the form meets your state’s legal requirements
- Sign the document, often in the presence of witnesses or a notary, as required by law
Finally, provide copies to your agent and any relevant institutions for future reference and use.
Get Personalized Advice Today
Call us at 501-588-4590 or send an email inquiry to schedule a consultation with a lawyer who can assist you in creating a power of attorney. The Cabot attorney at Legacy Estates & Trusts, PLLC, welcomes your inquiry.