What you need to know about a Power of Attorney
When going through your estate plan the term power of attorney might arise. You need to be well informed on all the aspects of what a power of attorney is and how it can work for you. The lawyers at Robinson, Seiler & Anderson in Provo can help you through the process of estate planning and establishing a power of attorney if needed. Below are some facts you need to know about a power of attorney.
Keep your Power of Attorney Durable
A Power of Attorney that is not durable becomes void upon the incapacity of the principal. In simpler terms if your power of attorney is not up to date and considered durable then when the person you have the power of attorney for becomes mentally/physically incapable or passes away you will lose the ability to use your rights as the designated power of attorney.
A Power of Attorney can be ‘springing’ or ‘non-springing
A non-springing power of attorney is one that is in effect immediately. The authority of the attorney-in- fact to act on behalf of the principal is not contingent upon the principal’s incapacity. A springing power of attorney means the attorney-in-fact has no authority to act under the document until a certain event happens. This event is often spelled out in the will of the individual you may have the power of attorney over.
You can have more than one Power of Attorney in Place
The idea of being the one who assumes the Power of Attorney when you become incapacitated can be very daunting to some. If they are unwilling to assume the responsibility you can name co-attorneys-in- fact. Of course, designating co-attorneys-in-fact is not appropriate in every situation – if your co- attorneys-in-fact cannot work well together, then the situation can quickly deteriorate. That is why it is important to discuss this aspect thoroughly with your lawyer.
There are many factors that come into play when you are planning for your estate plan and how to enact a power of attorney. Meeting with the lawyers at Robinson, Seiler & Anderson in Provo can give you the expertise you need. Call us today to set up a consultation.