Power of Attorney
A basic definition of Power of Attorney is that it’s a legal document where one person gives another person legal authority to handle matters listed in the document. It can be as broad or as limited as you wish, and can include everything from the rights to sell (a car, house, etc.) to the rights over contracting and signing legal documents. There is even a version that allows someone to delegate the authority to make healthcare decisions. Great care should be taken before executing it. You will want to speak with an Estate Planning Attorney to discuss the benefits, and drawbacks, of granting someone Power of Attorney. Pierce & Howell can provide an individualized review of your situation and provide advice as to the pros and cons of executing a Power of Attorney.
There are various types of Power of Attorney. It can be a Limited Power of Attorney – which can limit the authority to a single act. A General Power of Attorney – provides broad and wide-sweeping authority. A Durable Power of Attorney – provides authority even if the person who gave the authority becomes incapacitated. A Power of Attorney with Healthcare Provision – provides authority to the person to make certain health care decisions (this is often supplemented by a living will). Given that there are various options, and that the drafting of it is so important, it would serve you well to meet with an attorney to discuss what is appropriate for your situation.