Power of attorney (POA) is a document that grants a specific person, called an agent, the authority to make important decisions on behalf of another person, called the principal. There are many different kinds of power of attorney. The scope of the authority the principal grants to the agent can be very broad or quite specific.
The power of attorney document specifies exactly what that authority looks like. For example, it is customary to give someone the power to make decisions about your…
Finances
Healthcare
Personal Property
Real Estate
Business, Personal, and Family Matters
Lawsuits
Insurances and Annuities
Taxes
Government Benefits
The agent can be granted authority to make only financial decisions or just healthcare decisions. Every situation is different and calls for a customized document reflecting the wishes of the principal. When it comes to powers of attorney, there are several options for granting decision-making authority in your life. A power of attorney cannot address all situations and is not recommended as a substitute for a living will, or a Trust. If you are looking to give comprehensive authority to another in the event you are unable to make decisions for yourself, and in the event of your death, consider executing a separate living will (also called an advance health care directive) for medical decisions and creating a Living Trust to hold title to your assets to meet those needs.
Financial institutions are often hesitant to accept a power of attorney and may require your family to go to Court to get access to your assets in the event you are incapacitated. And, a power of attorney will not keep your family out of Court in the event of your death. The laws governing power of attorney vary from state to state and situation to situation.
Click here to access a video of one of the radio shows I do where I discussed the Power of Attorney.
Call Pierchoski Estate Law with your questions. We’ll set up an appointment to make sure that you have the protection you need. 931.363.7222.
A Note from the Attorney, Stan Pierchoski:
The practice of law is a second career for me. After obtaining Master of Science degrees in both Nuclear and Mechanical Engineering, I worked in the Nuclear Power Industry for 15 years. Always having an interest in law, I attended and graduated from law school and founded the Pierchoski Law Firm in 2002 in Pulaski, TN. For several years I practiced as a criminal defense, trial attorney. After my parents passed I became interested in Trust and Estate Law and felt a strong calling to change my practice to the Estate Planning area.
For years I have been exclusively doing trust writing and wealth planning and have become proficient at it. Over the last several years my practice has evolved to serve all age groups including elders and Medicaid Planning. I am always open to your questions and am more than happy to chat with you about your concerns so give me a call or stop by my office. You’ll be glad you did!