Power of Attorney
What is a Power of Attorney?
A power of attorney is a document that allows you to give someone the authority to manage your financial affairs. This person is called your agent and can perform a variety of tasks on your behalf including signing checks, making bank deposits, paying bills, purchasing insurance, buying or selling property, and other duties. You can define which duties your agent is allowed to perform.
Helping You Plan Ahead to Secure Your Future
As adults, we are used to managing our own affairs. If you are married, you may coordinate with your spouse, but you also know that you are fully capable of doing it on your own. Unfortunately, you can lose the ability to manage your financial and personal affairs due to an illness, an accident, or simply as a result of the natural aging process. Without a plan in place, your loved ones may have to go to court to determine who has the right to manage your affairs. Our team of attorneys can help you plan ahead to avoid this type of situation and assign a power of attorney.
How Do I Choose a Power of Attorney?
You should choose a person you trust to make sound business decisions on your behalf. Most people choose a spouse, family member, or a close friend for this role. With so many potential issues that can arise, it is important to think things through before making a decision.
What Happens if I Change My Mind?
A power of attorney agreement remains in effect until you pass away unless you make a conscious choice to cancel the agreement. You can cancel the power of attorney agreement in writing, as long as you are mentally competent to do so.
When Should I Contact an Attorney for Help?
Most people work with an attorney to set up their power of attorney documents. With our extensive experience in estate planning and setting up power of attorney agreements, you can confidently make tough decisions about your future and protect your interests.
General Power of Attorney
In some cases, you may want to give a spouse, family member or other trusted individual general power of attorney responsibilities. This means the person you choose can handle all of your affairs, including financial, healthcare, business, and related duties. This gives the person full control over your affairs.
Limited Power of Attorney
You can set up power of attorney privileges in a limited capacity, such as a healthcare or financial power of attorney, allowing your agent to step in and handle decisions only in certain areas. A healthcare power of attorney does not give the agent the same duties or legal authority as an advanced health care directive, but when combined with a living will or trust, it can allow your agent to make critical health care decisions on your behalf.
Durable Power of Attorney
If you have a power of attorney agreement in some form already in effect, a durable power of attorney allows that agreement to remain active if you become incapacitated – either mentally or physically. Generally, the durable power of attorney goes into effect after a doctor certifies that you are no longer able to manage your own affairs.
Clear Explanations and Practical Advice
If you are considering a power of attorney agreement, our attorneys can help bring clarity to the situation. We will sit down with you and explain your options in plain and simple terms. And we will offer sound and practical legal advice so you can make an informed decision. Ultimately, you are in the best position to decide how to manage your affairs. Our attorneys are trusted advisors who will make sure you have all of the information you need to proceed with confidence.
Get Started Today With a Complimentary Consultation
If you are looking for trusted and reliable attorneys to help you create or update a power of attorney agreement, call Stimpson & Associates for a complimentary consultation at Ann Arbor 734-707-9455 or Tecumseh 517-423-0999.