Powers of attorney are powerful legal tools which make it possible for people to maintain their dignity and their autonomy, even in the face of tragedy. Powers of attorney can be used to maintain some measure of control over both assets and healthcare choices, even if something happens to you. Creating a power of attorney can also spare family members from difficult choices and can make sure the value of assets is not lost when tragedy strikes.
Parman & Easterday has extensive experience helping clients to create powers of attorney in Oklahoma City, OK as well as in surrounding locations. We can provide you with insight into how a power of attorney is best used in your situation and can offer you the guidance you need to create a legally valid power of attorney which will provide the protection you desire. To learn more about how we can help, give us a call today for personalized advice and for answers to general questions you may have including:
- What is a power of attorney?
- When are powers of attorney used?
- How can an Oklahoma City powers of attorney lawyer help?
What is a Power of Attorney?
A power of attorney is a legal document that you create in order to grant authority to an agent. You can specify exactly what type of legal authority you wish to grant to the person who you are entrusting. You can also specify when that authority goes into effect.
In some situations, people will create a power of attorney to give an agent only very limited authority to do something specific. For example, if you are closing on a property deal and have to sign a contract but will be out of town, you can give an agent power of attorney to sign that contract for you. If created correctly, the power of attorney will only give the agent the ability to sign that particular contract and not to do anything else on your behalf. You can also create a broader grant of authority- the choice is yours.
When Are Powers of Attorney Used?
Powers of attorney are often used for estate planning, but under such circumstances, a general power of attorney is created. A general power of attorney gives the agent broad power to make decisions on behalf of the creator, and to take binding action on behalf of the person who created the power of attorney.
For example, your agent could sell property, could pay bills out of your accounts, could enter into contracts, and could do a wide variety of other things necessary to manage your assets. If you have also created a healthcare power of attorney, the agent who you name could act as your healthcare proxy and make choices on medical care for you.
If you are creating a power of attorney in your estate plan to ensure decisions are made about your assets and about your healthcare by an agent of your choosing, you need to make a durable power of attorney. This means that the grant of authority lasts even after incapacity. You can also make a springing power of attorney, which would mean that the power of attorney would go into effect only if you become incapacitated instead of immediately.
With a springing durable power of attorney, you agent has authority to act upon your incapacity and can thus begin protecting your interests by making choices and managing assets for you.
Our legal team will help you to create a legally valid power of attorney that provides protection for both you and for your family. Give us a call today at (405) 843-6100 in Oklahoma City to discover more about the services our legal team offers to protect you in case of incapacity. You can also contact us online to schedule a consultation and learn more about how we can help.