Power Of Attorney: Who Will Manage Your Affairs?
If you become incapacitated, the rest of the world keeps moving. The bills keep coming. Employees still need to work. Legal obligations do not suddenly cease.
Power of attorney allows someone to “take care of business” when you are still living but unable to attend to your own affairs. The experienced estate planning lawyers of the Law Office of Penniann J. Schumann PLLC can help you create powers of attorney while you still have your health and your faculties so that your interests are protected if something should happen.
What Are Powers Of Attorney?
Power of attorney (POA) is a legal document granting authority to a trusted person to act on your behalf. That individual, called an attorney in fact, is empowered to manage your financial, business and legal affairs. Power of attorney can be broad or limited to specific matters. Depending on the terms, that person could:
- Pay bills
- Manage banking and investments
- Sign documents
- Make business decisions
- Sell property
- Hire professional help
Powers of attorney can be granted at any time if you are ready to turn over the reins, or it can be set up to “spring” at a future point if and when you can no longer manage your own affairs. A durable power of attorney means that the powers endure after incapacity until you either recover or pass away.
We also encourage clients to create an advance health care directive, which is essentially power of attorney for medical decisions on your behalf if you are unable to communicate your wishes.
Arrange A Consultation To Discuss The Specifics
Power of attorney must be drafted before something happens. If you become incapacitated without a POA in place, your loved ones would have to go to court to petition for guardianship/conservatorship. That process is expensive and sometimes contentious.
With six decades of combined experience in estate planning law, our lawyers can help you take proactive steps and customize your powers of attorney to your wishes and circumstances. Schedule a consultation by calling our Salt Lake City law office at 801-839-4891, or contact us by email.