A Power of Attorney (POA) is a legal document that allows an individual, known as the principal, to grant someone else, known as the agent, the authority to make decisions on their behalf. Powers of Attorney are often used to manage financial matters, health care, and legal affairs, especially when the principal is incapacitated or unable to act independently. There are several types of POA available in Wagoner, each with specific purposes and limitations.
General Power of Attorney
A General Power of Attorney grants the agent broad authority to act on behalf of the principal. This typically includes managing financial accounts, handling legal matters, signing documents, and making business transactions. However, a general POA becomes void if the principal becomes incapacitated unless it is specifically designated as a durable POA.
Durable POA
A Durable Power of Attorney allows the agent to act on the principal’s behalf, even if the principal becomes incapacitated. This type of POA is “durable” because it remains effective through the principal’s incapacity, making it useful for long-term estate planning and medical or financial management if the principal cannot make decisions.
Limited (or Special) POA
A Limited (or Special) Power of Attorney grants the agent authority over specific tasks or for a particular period. For example, the principal may authorize the agent to handle a property sale, access certain financial accounts, or represent them in a legal matter. The POA ends once the specified task is completed or the designated time period expires.
Healthcare POA
A Healthcare Power of Attorney (also called a Medical POA) authorizes the agent to make medical and healthcare decisions for the principal after incapacitation or if they are otherwise unable to make decisions on their own. This may include consenting to or refusing medical treatments, deciding on end-of-life care, and accessing medical records. A Healthcare POA is especially valuable in cases of serious illness or unexpected injury.
Springing POA
A Springing Power of Attorney is a type of durable POA that only takes effect under certain conditions, usually the principal becoming incapacitated. This POA “springs” into action based on a triggering event, such as a doctor’s certification of the principal’s incapacitation. Springing POAs allow the principal to retain control until specific circumstances arise.
Financial POA
A Financial Power of Attorney specifically authorizes the agent to handle financial affairs for the principal. This POA can be broad or limited, allowing the agent to access bank accounts, pay bills, and handle taxes on behalf of the principal. Financial POAs can be durable or non-durable, depending on whether the principal wishes for it to continue through incapacitation.
Revoking a Power of Attorney
A principal can revoke any Power of Attorney as long as they are mentally competent. To revoke a POA, the principal should draft a written revocation document, notify the agent, and inform any relevant financial or healthcare institutions of the revocation. For a Durable Power of Attorney, the principal may also specify expiration terms or conditions within the POA document itself. Throughout the revocation process, you should work with an attorney to ensure you’re meeting all legal requirements.
Power Of Attorney Help in Wagoner County
In Wagoner, various types of POAs exist to accommodate different needs, including temporary tasks, financial planning, and decision-making. Each has specific benefits and limitations, making it essential to choose the type that best aligns with your needs.
If you’re establishing a power of attorney, we can help. For a free consultation with an estate planning attorney in Wagoner County, contact Kania Law – Wagoner Attorneys at 918-283-7394, or reach out to us via our Ask A Lawyer feature. Need other legal information? Check out our Wagoner Law Blog for other important topics.
