The Importance of a Power of Attorney
Although we don’t like to think about it, there may come a time when you become incapacitated from illness or other circumstances, leaving you unable to execute your financial and legal obligations. In such circumstances, your family and loved ones may be left with little legal recourse to make decisions on your behalf. Everything will be put into a holding pattern. Anyone who depends on you will have to wait for the courts to authorize someone with the power to act on your behalf. The way around this deadlock, however, is to obtain a power of attorney (POA).
What is a Power of Attorney?
A POA is a legal authorization, usually written, for someone to act on your behalf. The person who is giving the authorization is called the grantor, principle or donor. The one authorized to act is called the agent. Once the authorization is granted, the agent can make financial and legal decisions on your behalf.
Types of Power of Attorney
There are different types of powers of attorney for different circumstances. These types fall under three main categories: special or limited, general, and temporarily limited.
A special power of attorney is limited to a specific act or type of act. For example, a special POA can be used to grant only your spouse the ability to make
medical decisions for you. You can even create and authorize separate and specific powers of attorney for a number of different scenarios. For example, you can have a special medical power of attorney for your spouse, and a business one granted to your business partner or other trusted colleague.
A general power of attorney is much broader than the special POA. With a general POA, the agent may make financial, legal and medical decisions for you. Since a general power of attorney is so broad, it is important to make sure that you trust the person whom you authorize to be able to make often hard decisions about financial, legal and medical matters.
Durable and Nondurable Powers of Attorney
Both the special and general powers of attorney can be made durable or nondurable. When people think of getting a POA, they usually think of the durable type. A durable power of attorney is the type that grants an agent authority to act on your behalf in the event that you become incapacitated.
A nondurable POA grants your agent the ability to act on your behalf but not when you are incapacitated. An example where a non-durable power of attorney might be more appropriate than a durable power of attorney is when you cannot be present to sign certain documents.
Let the Kalicki Collier Law Team Help You with Your Power of Attorney
As Reno’s foremost provider of high quality legal services, the law team at Kalicki Collier in Reno has the experience to help you create, define and execute your power of attorney. Whether special or general, durable or non-durable, making sure that a power of attorney fits exactly what you need is our specialty. Contact us today and get the quality legal services you deserve.