Power of Attorney
A power of attorney or POA is a legal document that ensures that someone (Your Agent) will have the authority to look after your affairs if you become incapacitated.
The power of attorney provides you not only with peace of mind but control after unpredictable events. This legal document allows you to appoint an agent to make decisions about finances and health care and manage those affairs should you become unable to do so.
One of the primary benefits of having a power of attorney - your family will avoid the costly and disruptive legal delays necessary to obtain guardianship or conservatorship from a judge if you are incapacitated.
The person named in a power of attorney to act on your behalf is commonly referred to as your "agent" or "attorney-in-fact."
With a valid power of attorney, your agent can take any action permitted in the document.
By preparing a power of attorney ahead of time, your agent (appointed person) gains immediate legal authority to take care of tasks like paying bills and overseeing medical care.
Warning…. if you do not have a valid power of attorney and become unable to manage your personal or business affairs, it may become necessary for a court to appoint one or more people to act for you.
The Power of Attorney:
Can be limited to a particular activity, like a real estate or medical transaction, or it could be general in its application.
Your POA can grant temporary or permanent authority to your agent.
The POA may take effect immediately, or in preparation for an unexpected unfortunate future event. Most often seen in reservation in case you are unable to act for yourself due to mental or physical disability.
A General POA is a broad way to give an agent (Your representative) general powers to act on your behalf. General Power of attorney typically do the following:
Buy life insurance.
Conduct business transactions.
Manage financial and real estate transactions.
Operate business interests.
Settle Claims.
Types of Powers of Attorney
The two most common types of POAs are financial and health care.
Health Care Power of Attorney (HCPOA)
Healthcare Power of Attorney, also known as a health care proxy, ensures that your agent can make health care decisions in case of your incapacitation. Without one, you’ll have no say in who makes decisions about your health if you suddenly can’t.
A durable health care power of attorney HCPOA is used when the principal wants their agent to have the power to make health-related decisions for them.
The HCPOA generally takes effect in the event of an unfortunate medical condition and the principal can no longer make health-related decisions on their own. A Healthcare Power of Attorney is not the same thing as a Living Will.
Financial Power of Attorney
A financial power of attorney allows an agent to manage your business and financial affairs, such as signing checks, filing tax returns, depositing checks, and managing investment accounts if the principal becomes unable to understand or make decisions themselves.
A financial POA can give the agent a wide range of power over the principal's bank account. The agent is responsible for carrying out the principal’s wishes to the best of their ability.
To the extent of what the agreement spells out as being the agent’s responsibilities.
Limited POA
A limited power of attorney gives the agent the power to act on behalf of the principal in specific matters or events. This type of POA may be in effect for a specific period.
Durable Power of Attorney (DPOA)
A durable POA takes effect once signed and continues in the case of incapacitation of the principal. With durable power of attorney DPOA the agent remains in control of the legal, property and financial matters as they are spelled out in the POA agreement.
With a DPOA your agent can pay medical bills on your behalf, but they cannot make decisions related to your health, such as taking you off life support.
Springing Power of Attorney
The conditions for which a durable POA may become active are set up in a document called a "springing" power of attorney.
The power of attorney can remain dormant until a negative health occurrence activates it to a DPOA.
A springing POA defines the kind of event or level of incapacitation that should occur before the DPOA springs into effect. A springing power of attorney should be very carefully worded to avoid issues in identifying exactly when and if the triggering event has happened. It is a good idea to work with your trusted estate planning or legal professional when making these kinds of decisions.
The Notary and your Power of Attorney
The power of attorney POA is an important part of life planning. The POA is accepted in all states and all states have their own rules and requirements. Many states do require some POA documents to be notarized.
Not all power of attorney documents needs to be formally recorded or filed but it's a standard practice for many estate planners and individuals who want to create a record that the document exists.
It's potentially easier for the agent if a notary’s seal and signature are on the document even in states that don't require it. You can file it with your state or county to be on the safe side.
A power of attorney can provide you with both convenience and protection by giving a trusted individual the legal authority to act on your behalf and in your interests.
Power of Attorney
This package includes DIY Power of Attorney Documents for you and your person to complete. Professional review and notarization.
This service will include two appointments. In your first session you will receive POA education and select your Nevada documents. After you have had time to meet with your family and completed your documents we will meet again.
In your second session we will review and notarize your documents, provide agent and principal training on proper usage of your new Power of Attorney and prepare your documents for filing with the state and distribution.
Complete Power of Attorney package: $120
Power of Attorney
This package includes DIY Power of Attorney Documents for you and your person to complete. Professional review and notarization.
This service will include two appointments. In your first session you will receive POA education and select your Nevada documents. After you have had time to meet with your family and completed your documents we will meet again.
In your second session we will review and notarize your documents, provide agent and principal training on proper usage of your new Power of Attorney and prepare your documents for filing with the state and distribution.
Complete Power of Attorney package: $120
If you’re confused about how to start planning for your future events, consider reaching out to a professional attorney, financial or estate planner for assistance. You can read more about power of attorneys in this article from AARP.
When you are ready to start your Power of Attorney Click the link and schedule your appointment today.
Take advantage of our Deluxe POA package... In addition to your notary appointment ensure that your documents reach the appropriate financial, state and county departments. Relevant real time Training for you and your agent/s. D. Shephard Notary is always happy to help.
D. Shephard Notary
D. Shephard Notary...Always there when you need us.
