Medina County, Ohio Power of Attorney Lawyer

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.

Power of Attorney Lawyer | Here for Your Estate Planning Needs

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.

Types of Powers of Attorney

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:

• Durable General Power of Attorney: A Durable General Power of Attorney gives the Agent the authority to do a very broad number of things including making important financial decisions on behalf of the Principal. This type of Power of Attorney is most effective when the Principal becomes incapacitated and cannot handle his or her own affairs. These broad powers allow the Agent to do everything from banking, completing tax returns, making business decisions, to working with retirement accounts and much, much more.
• Limited Power of Attorney: A Limited Power of Attorney is exactly that. It limits the timing, powers and scope the Agent has regarding handling things for the benefit of the Principal. These limits may include when exactly the Power of Attorney comes into effect (only upon an incapacity) or what limited powers are granted such as just paying bills or handling the checkbook.

Choosing Your Agent

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.

Contact a Power of Attorney Lawyer Today

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.