Setting up requires selecting an agent, drafting the document according to state laws, and understanding risks and safeguards associated with it.Different types and scopes exist, including durable, springing, health care, and financial powers.Power of attorney is a legal document that grants an agent authority to make decisions on behalf of the principal.Your goal will be to make sure the power of attorney remains enforced through any challenge. We'll talk about these and other types of power of attorney in more depth below, including some considerations for crafting legally binding documents. They also can make medical treatment decisions and keep paying bills and otherwise act independently when you can't. For instance, you might name your spouse an adult child or children, a close friend, or any trustworthy agent to talk to your doctors and prevent treatments that you don't want. Related to a springing POA is a broader healthcare power of attorney that gives someone the ability broad authority to make health-related decisions when you aren't able to. This is called a springing power of attorney, which takes effect immediately after medical events that leave you incapable of making your own decisions. You can set a power of attorney only to take effect immediately if there is some future event that leaves you unable to act on your own behalf because you are mentally incapacitated or have a physical disability. One exception is that your attorney-in-fact probably won't need a power of attorney in hand to sign a check on your behalf. In both of these cases, your attorney-in-fact will need to have the actual power of attorney document in hand to be allowed to do this. Or you might give someone limited power of attorney to go to the DMV and sign an automobile title on your behalf. For instance, you might give someone like your real estate professional limited financial power of attorney to handle the real estate closing for the purchase or sale of your home so you don't have to show up. There are many times when having a financial power of attorney is essential, including some garden-variety occasions when a POA document is simply convenient. Power of attorney (POA) documents give one or more people the power to act on your behalf as your attorney-in-fact or agent when you aren't able to be there in person or are otherwise mentally incompetent or physically unable to represent yourself.
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