business owner estate plan

Power of Attorney

A power of attorney is in place to provide the right for a chosen representative to make important decisions for a person who is not able to act for themselves. For a number of reasons, a person can quickly find themselves incapacitated. Accidents, medical conditions, and the aging process itself are just some of the ways a person can find themselves unable to make important decisions and care for their wellbeing. As part of an estate plan, it is important to consider a time where you may not be able to adequately communicate with people. It may be one of the most important steps in a person’s life. It is important to create a durable power of attorney and clear healthcare directives to ensure that your wishes are followed regarding your end-of-life care, whatever they may be. This is not the only purpose of powers of attorney. Our firm understands that these conversations are not always pleasant. We provide a comforting environment in which to discuss these topics with the focus on helping every client make informed decisions about the future and the unexpected. For a consultation with an experienced estate planning and elder law attorney, contact The Lauterbach Law Firm.

What is a power of attorney?

If a mental or physical issue has stopped you from being able to communicate, a power of attorney provides the authority for another person to act in your stead. This person is called the “agent” and can be anyone you choose, including an attorney, friend, family member, or even a business entity. The create a legally-enforceable power of attorney, it must be conveyed in writing and notarized. When this is completed, the agent will have the power gifted to them when and if the circumstances arise.

Categories for POAs

  • General power of attorney: A general POA allows the agent to conduct the same fiscal actions you would perform. This can include filing taxes, executing contracts, and borrowing money.
  • Limited power of attorney: A limited POA authorizes a person to take certain actions of your choosing. The agent’s authority is limited to these actions and only these actions.
  • Durable power of attorney: A durable POA allows an agent to act for you to act in your stead regarding your end-of-life care. He or she can ensure that your wishes for medical care are followed and even take care of the finances related to that care.
  • Springing power of attorney: A springing POA becomes effective after a triggering event, including your medical or physical disability.

Contact The Lauterbach Law Firm

Creating a power of attorney for any situation is important. You and your family will feel better knowing that everyone’s affairs are in order. If you were to find yourself incapacitated, a power of attorney can help ensure that everything goes accordingly and important decisions about medical care and finances are still in your hands. To discuss your options with an experienced estate planning attorney, contact The Lauterbach Law Firm.

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