Different Powers Of Attorney
Estate planning at the Lake of the Ozarks serves multiple purposes. Part of the goal is to identify what should happen to your assets and belongings after you pass away, and another equally important task is to dictate who should handle your affairs on your behalf if/when you are unable to do so for yourself. A delegate can be appointed to manage your affairs while you are still alive through a "power of attorney". The attorneys at Phillips, McElyea, Carpenter, & Welch, P.C. are here to help you gain a better understanding of these roles so you can determine who you would like to fill them.
Power Of Attorney
The person you designate as your power of attorney will be responsible for handling your affairs or making important decisions on your behalf if and/or when you are unable to do so for yourself. Your power of attorney (sometimes called your "attorney-in-fact") will not necessarily have the authority to handle every single issue or decision; their authority will only extend so far as you set forth. Some powers of attorney will remain in effect for as long as you live, whereas others are only valid for a specific amount of time.
Limited Power Of Attorney
Limited or special power of attorney is only granted for a specific amount of time. It is not limited to times when you are incapacitated, but instead can apply to any time you may need someone to act on your behalf. For example, you may have plans to be out of the country while you are selling your home, and you need someone to negotiate and sign documents for you. This individual would not have the authority to handle any other responsibilities, just the ones you officially delegate to them.
General Power Of Attorney
A general power of attorney is all-encompassing. The appointed individual has all the rights and responsibilities that you have, such as the ability to pay your bills, sign documents, and conduct other financial transactions. You can designate a general power of attorney to assist you with financial responsibilities even if you are not incapacitated. Typically, a general power of attorney does not expire until your death.
Healthcare Power Of Attorney
Your healthcare power of attorney will only act on your behalf if you become incapacitated, unless you authorize for the agent to act prior to that time. Your healthcare power of attorney will have the authority to handle most of your responsibilities including making medical decisions on your behalf. In your estate plan, you can specify that your healthcare power of attorney will only come into effect after a certified professional has deemed you incompetent. The individual you select to manage your healthcare decisions could be the same as the individual you select to manage your financial affairs, or it could be someone else. It will be up to you to specify who you would like to fill each responsibility.
Phillips McElyea Can Help You Prepare Your Power Of Attorney!
Choosing your powers of attorney is an important part of the estate planning process. Your estate planning attorney in Camdenton MO can help you evaluate the pros and cons to determine which individual(s) will be best equipped to represent you. Contact one of our lawyers at the Lake of the Ozarks to begin the process!
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
Power Of Attorney
The person you designate as your power of attorney will be responsible for handling your affairs or making important decisions on your behalf if and/or when you are unable to do so for yourself. Your power of attorney (sometimes called your "attorney-in-fact") will not necessarily have the authority to handle every single issue or decision; their authority will only extend so far as you set forth. Some powers of attorney will remain in effect for as long as you live, whereas others are only valid for a specific amount of time.
Limited Power Of Attorney
Limited or special power of attorney is only granted for a specific amount of time. It is not limited to times when you are incapacitated, but instead can apply to any time you may need someone to act on your behalf. For example, you may have plans to be out of the country while you are selling your home, and you need someone to negotiate and sign documents for you. This individual would not have the authority to handle any other responsibilities, just the ones you officially delegate to them.
General Power Of Attorney
A general power of attorney is all-encompassing. The appointed individual has all the rights and responsibilities that you have, such as the ability to pay your bills, sign documents, and conduct other financial transactions. You can designate a general power of attorney to assist you with financial responsibilities even if you are not incapacitated. Typically, a general power of attorney does not expire until your death.
Healthcare Power Of Attorney
Your healthcare power of attorney will only act on your behalf if you become incapacitated, unless you authorize for the agent to act prior to that time. Your healthcare power of attorney will have the authority to handle most of your responsibilities including making medical decisions on your behalf. In your estate plan, you can specify that your healthcare power of attorney will only come into effect after a certified professional has deemed you incompetent. The individual you select to manage your healthcare decisions could be the same as the individual you select to manage your financial affairs, or it could be someone else. It will be up to you to specify who you would like to fill each responsibility.
Phillips McElyea Can Help You Prepare Your Power Of Attorney!
Choosing your powers of attorney is an important part of the estate planning process. Your estate planning attorney in Camdenton MO can help you evaluate the pros and cons to determine which individual(s) will be best equipped to represent you. Contact one of our lawyers at the Lake of the Ozarks to begin the process!
Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
We accept Visa, MasterCard, and Discover.
85 Court Circle N.W., P.O. Box 559
Camdenton, MO 65020 GET A MAP
(573) 346-7231 - Telephone
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Thanks for a really informative article..Leigh Adams Business & Commercial Lawyers has been providing Business Law & Commercial Law services to his clients in North Sydney and the surrounding areas for over 20 years.Personal Property Securities Lawyers Sydney
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