As we’ve discussed, a Power of Attorney is a legal document that allows you to name another person to step in and handle specific affairs on your behalf. This person can be a friend, family member, or someone else you trust, and examples of the authority you can assign them include the power to sign checks, pay bills, and make informed decisions regarding healthcare. Despite this flexibility, there continue to be misconceptions about POAs that sound true but often steer people in the wrong direction.
Our team at Christman Daniell Attorneys, understands how important it is to make the best decisions possible regarding estate planning — for your immediate needs and those in the future. We are here to help you assemble a plan beyond the last will and testament that includes a revocable trust, living will, health care directives, powers of attorney, and other documents.
With that goal in mind, we’d like to debunk a few common misconceptions about a Power of Attorney in today’s blog post.
4 Common Misconceptions About a Power of Attorney
You can create your own Power of Attorney online
While creating a POA online is absolutely possible, they are actually cookie-cutter templates that only cover general needs rather than specific transactions. They also don’t include specific language you may need to grant proper authority. Having an attorney craft your document ensures your bases are covered, the authority you’ve assigned is clear, and that it will work when the time comes.
A Power of Attorney is only for the elderly
This is one of the main misconceptions about a Power of Attorney. A Power of Attorney is often a great option for individuals in the military who will be away from home for long stretches and need someone back home to legally handle their affairs. Beyond that, the reality is that life is unpredictable, and none of us — no matter how young or old we are — knows when we may become incapacitated due to illness, injury, or accident. Having a POA in place gives you control over who will be making decisions on your behalf.
A Power of Attorney grants the agent the right to make any decision
Wrong. You can be as narrow or broad as you want in terms of the authority you assign someone. So, if you only want them to handle financial matters, then that’s what they can do. The same is true if you want them to make medical decisions. Furthermore, your agent has a fiduciary responsibility by accepting the role. Just because they have the authority doesn’t mean they always have the right to act. Everything they do must be in your best interests. Therefore, you want to ensure that you trust the person you appoint as your power of attorney and that you revoke that power if that relationship changes.
A Power of Attorney is still valid after the principal’s death
Regardless of how you’ve structured your Power of Attorney document and what authority you have granted your agent for all these years, all powers included in the Power of Attorney terminate upon your death.
Please call Christman Daniell Attorneys, for your legal needs today!
Please consult an attorney for advice about your situation. The material on this website and in this or any blog article we publish are for informational purposes only and do not constitute legal advice. The attorneys at Christman Daniell Attorneys, believe in tailoring legal advice and solutions to your circumstances.
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