What Are The Risks Involved With Giving Someone Power Of Attorney?
The primary risk that is involved is that the person who is appointed will violate the trustworthiness of the person who appointed them and the agent that has been appointed will use the principal’s assets for his or her own financial benefit. The other risks are that the person who is appointed either does not have the proper financial skills to properly manage the assets or the person does not devote the time and attention that is necessary to properly manage the assets.
Does Someone Need An Attorney to Prepare a Power Of Attorney?
Legally, you do not need an attorney to prepare a power of attorney. Practically, an attorney’s services should always be used. The reason is that financial institutions are often very reluctant to allow someone who is not the person on the account to deal with the principal’s account. A well-drafted power of attorney that is a good attorney who has the skills can minimize, by good draftsmanship, the possibility that the financial power of attorney will not be honored by the financial institution.
What is A Special Durable Power Of Attorney?
A special durable power of attorney limits the things that the agent who has been appointed can deal with. For example, if I am going to be out of town at a time when my house has been sold and the closing has taken place, I can give an agent a special durable power of attorney to sign the closing documents at the closing of my house, but which does not give the agent the power to deal with any of my other financial assets.
What Is The Purpose Of A Durable Power Of Attorney In Regards To Healthcare?
A durable power of attorney for healthcare allows a person to appoint someone else who has legal authority to make medical decisions for that person if that person does not have the ability or the capacity to make healthcare decisions for himself or herself.
What Are The Health And Age Requirements For Someone Who Wants To Create a Healthcare Power Of Attorney?
The only health requirement is that the person be mentally competent and has the capacity to know what he or she is doing. In terms of age, anyone who has reached the age of majority, which in most states is eighteen, is able to create a healthcare durable power of attorney.
If A Person Has A Living Will, What Authority Is Ascribed To The Healthcare Power Of Attorney?
A living will is a statement by a person as to what his or her end of life or life support wishes are, what the durable power of attorney for healthcare allows, is that the agent carry out those wishes. Even if the person does not have a living will, but only has a healthcare power of attorney, the healthcare power of attorney still gives the agent appointed, the right to make healthcare decisions for the person that has been given the power of attorney. They healthcare agent has the disadvantage of, without a living will, not being sure what the principal’s end of life desires are in making those decisions.
When Does A Healthcare Power Of Attorney Go Into Effect?
The healthcare durable power of attorney goes into effect once a person does not have the capacity or the ability to make and communicate his or her own healthcare wishes to healthcare providers.
When Is A Durable Power Of Attorney For Healthcare Terminated?
A durable power of attorney for healthcare is terminated when the person who has given it states that they no longer wish the person who has been appointed to have the authority to make healthcare decisions anymore.
How Can A Durable Power Of Attorney For Healthcare Be Revoked?
It can be revoked by advising those that are in possession of the durable power of attorney for healthcare, that the principal no longer desires it to be in effect and it is revoked, or if the principal has never handed out the paper copies of the durable power of attorney to healthcare to the agents appointed by just tearing them up.
Is A Spouse Automatically Revoked As A Healthcare Power Of Attorney After A Divorce?
Yes. If a couple even files for divorce and a spouse has been appointed as healthcare agent, by law that designation is revoked.
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