When you contact our office to prepare a new or revised Will, we will very likely recommend that you consider completing a Power of Attorney at the same time. Here are the answers to some of the common questions we are asked about completing a Power of Attorney.
What is a Power of Attorney?
A Power of Attorney is a document appointing someone, or multiple people, with the power to manage your personal and/or property decisions on your behalf during your lifetime. Often confused with an Executor, a Power of Attorney's authority will end when you pass away or if you revoke the Power of Attorney.
When do I need a Power of Attorney?
We recommend that all estate planning clients have an up-to-date Power of Attorney during their life. It is never a bad time to discuss preparing or updating a Power of Attorney with your estate planning lawyer. If someone you have named as power of attorney has passed away or would no longer be able to serve as your power of attorney, then we encourage you to reach out about appointing someone else in their place.
Who can I appoint as my Power of Attorney?
For most clients, the best person to appoint as your Power of Attorney is a close family member or friend that you trust. In some cases, a trust company could be appointed as Power of Attorney for your property affairs.
Why do I need a Power of Attorney when I can still make decisions for myself?
You can only create a Power of Attorney while you still have the required capacity to execute it. In the event of unfortunate and unforeseen circumstances, having a Power of Attorney will greatly assist your loved one's in managing your affairs for your best interests. If personal or property decisions need to be made on your behalf while you are mentally or physically incapable of making them, your Power of Attorney will be called upon to make those decisions. The only alternative decision maker that could make these decisions is a court appointed guardian or decision maker. The process to appoint a legal guardian or decision maker is far more expensive and time consuming than completing a Power of Attorney.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
