Essentially, a Power of Attorney is a legal document designed to protect a person’s best interests during life. The person who creates the document is known as the Principal, and the person who carries out the granted powers is known as the Agent. The Power of Attorney can take effect immediately. The Agent will be able to handle the routine tasks of the Principal with the understanding that the Principal can still do whatever he or she wants to do. The Power of Attorney is most effective when the Principal becomes incapacitated and cannot handle his or her own affairs. The Agent will then do the routine tasks of the Principal but can also make critical financial decisions on behalf of the Principal. If you would like to create such a document, contact a dedicated Medina County, Ohio Power of Attorney lawyer from Krause Law.
One of the most significant benefits of crafting a well-rounded estate plan is attaining peace of mind, and one of the most important components of any estate plan is having one, or if your specific situation calls for it, additional Powers of Attorney may be put in place. If you would like to establish a Power of Attorney or want to learn more about it, please don’t hesitate to contact a dedicated Medina, Ohio estate planning lawyer who can help walk you through the process ahead.
As you may know, there are several different types of Powers of Attorney, each varying in scope. That said, some of the most common types of Powers of Attorney, as well as their purposes, are as follows:
Rather obviously, the person you choose to make certain financial decisions on your behalf should be someone you trust implicitly. In most cases, people will appoint their spouse or children as their Agent under a Power of Attorney. Remember that just because you are married to someone does not automatically give your spouse the right and power to work with items such as your retirement plans. The spouse must specifically be given those powers.
That said, it’s important you have a discussion with whomever you appoint as your Agent and that your Power of Attorney clearly outlines your wishes.
If you have any questions about creating a Power of Attorney, or you would like to create one soon, please don’t hesitate to contact Krause Law today. We are here to help you, every step of the way.
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