A power of attorney is a writing that may be a necessary part of your estate planning documents. A power of attorney allows another person to make decisions on your behalf as your attorney-in-fact or legal agent. As the principal giving the power of attorney to another person, you can control what powers your agent has . Your agent may have a general power of attorney or specific power of attorney.
A general power of attorney gives your attorney-in-fact a broad range of authority to make decisions on your behalf. If you give your agent or attorney-in-fact a special power of attorney, your agent has limited authority and make decisions on your behalf. You should also determine whether your agent should have a durable or ordinary and non-durable power of attorney. A durable power of attorney remains effective upon mental incapacitation. Thus, if you become mentally incapacitated and are knowingly unable to make decisions, your agent has the legal authority to continue making decisions on your behalf. However, if you give your agent an ordinary and non-durable power of attorney, your agent cannot continue making legal decisions on your behalf after your incapacity.
- Why You Need to Plan for the Impact of Taxes in Your Estate Plan - April 15, 2021
- How to Dispose of “Stuff” - April 13, 2021
- “Last Will and Testament” Origin - April 8, 2021
