Power Of Attorney: What You Need To Know
At Telpner Peterson Law Firm, LLP, our compassionate attorneys understand that making decisions about your legal and financial affairs can be overwhelming, especially if you are facing an unexpected illness or disability. That’s why we offer comprehensive estate planning services, including creating power of attorney documents.
What Is A Power Of Attorney?
A power of attorney (POA) is a legal document that gives someone else the authority to make decisions on your behalf. This can include financial decisions, medical decisions or both.
There are two main types of POAs:
- General power of attorney: This gives the person you appoint (your “agent”) broad authority to make decisions on your behalf.
- Durable power of attorney: This gives the person you appoint the authority to make decisions on your behalf, even if you become incapacitated.
It is important to talk to a skilled professional about creating a POA and other estate planning documents. The knowledgeable attorneys at Telpner Peterson Law Firm, LLP, can help you learn what options are available and what will support your needs and goals.
Who Needs A Power Of Attorney?
Anyone who wants to ensure that their legal and financial affairs are taken care of if they become incapacitated should consider creating a power of attorney. This is especially important for people who are elderly or have chronic health conditions.
How To Choose A Power Of Attorney
When selecting someone as your power of attorney, choosing someone you trust who can make sound decisions is essential. You should also consider the person’s availability and willingness to take on this responsibility.
Can A Power Of Attorney Transfer Money To Themselves?
Yes, a power of attorney can transfer money to themselves, but only if the POA specifically states they have the authority to do so. If the POA does not specifically state this, then the agent would need permission from the principal (the person who created the POA) before transferring money to themselves.
Who Can Override A POA?
A POA can only be overridden by a court order. This would only happen if the court found that the POA was being used in a way that was not in the principal’s best interests.
Responsibilities Of A Power Of Attorney
The responsibilities of a power of attorney vary depending on the specific terms of the POA. However, a power of attorney is generally responsible for acting in the principal’s best interests and following the principal’s wishes.
Buying/Selling Assets As POA
A power of attorney can buy or sell assets on behalf of the principal. However, the POA must act in the principal’s best interests and follow the principal’s wishes.
If you are considering creating a power of attorney, we encourage you to contact us to discuss your options. We will work with you to create a plan that meets your individual needs and goals. Talk to the attorneys at Telpner Peterson Law Firm, LLP, in Council Bluffs by calling 712-309-3738 or through our online form to schedule a consultation.