The Role of Power of Attorneys in Estate Planning
Understanding Your Responsibilities and Rights
A power of attorney (POA) is a legal document that gives someone else the authority to make decisions on your behalf.
In the context of estate planning, a POA can be an important tool for ensuring that your wishes are carried out if you're unable to make decisions for yourself.
Here's a look at the role of power of attorneys in estate planning and what you need to know about your responsibilities and rights.
First, it's important to understand what a POA is and how it works. A POA is a legal document that gives someone else the authority to make decisions on your behalf.
There are different types of POAs, including a general power of attorney, which covers property and financial affairs, and a power of attorney for personal care, which covers medical and personal care decisions.
Next, it's important to understand your responsibilities and rights as the grantor of a POA. As the grantor, you have the right to choose who you want to be your attorney, and you can specify the powers and responsibilities you want to give them.
You also have the right to revoke or change your POA at any time, as long as you're mentally capable.
However, as the grantor of a POA, you also have certain responsibilities. You're responsible for choosing an attorney who is capable of making decisions on your behalf, and you're responsible for ensuring that your attorney acts in your best interests.
You're also responsible for keeping your POA up to date and for revoking or changing it if your circumstances change.
In conclusion, a power of attorney is an important tool for ensuring that your wishes are carried out if you're unable to make decisions for yourself.
As the grantor of a POA, you have rights and responsibilities, and it's important to fully understand what you're setting yourself up for.