When you give another person power of attorney, you are handing them the power to act on your behalf in certain circumstances. Your power of attorney empowers your agent with various responsibilities, including managing your assets or completing a financial transaction.
When you are looking into the option of a power of attorney, now is the time to discuss your options with a dedicated estate planning attorney. This designation of responsibility is important, and the documents that create this relationship should be carefully reviewed. Let an Upper Marlboro power of attorney lawyer advise you of your legal options.
What To Look For in a Power of Attorney
There are a few legal requirements for appointing a power of attorney according to state law:
- A power of attorney agreement must be in writing;
- It must be executed in the presence of two witnesses and a notary; and
- The person you are appointing, also known as the proxy, must be over the age of 18 to qualify.
Most people opt to appoint a close family member, but there are no legal requirements regarding the relationship between a person and their choice of power of attorney. While every option is open, it is a good idea to select someone who is financially stable and who will be certain to act in your best interests.
There are benefits that come with hiring legal counsel to assist with this process. From drafting the agreement to selecting the right proxy, the guidance of an Upper Marlboro lawyer could be invaluable in setting up a power of attorney.
What Does Power of Attorney Do?
The term “power of attorney” refers to a set of responsibilities one person gives to another. A power of attorney becomes an agent acting in the best interest of the other individual. The extent of these powers varies based on the specifics of the agreement. It is possible to provide a power of attorney with a limited scope of responsibilities or to provide the attorney-in-fact with broad discretion to act.
To understand how powers of attorney work, it is important to consider the different types of agreements that can be put in place.
General Power of Attorney
General powers of attorney provide another person with authority to act on the creator’s behalf in every aspect of their personal business. While these powers are broad, it is possible to limit these responsibilities to a degree.
Limited Power of Attorney
Limited powers of attorney—as the name suggests—provide a limited authority to make decisions. These powers of attorney could be limited in scope, or they could have a set limit where the agreement expires.
An Upper Marlboro attorney could assist with developing appropriate terms for a power of attorney agreement.
Let an Upper Marlboro Lawyer Create a Power of Attorney for You
The creation of a power of attorney is a serious decision that should not be taken lightly. Having trusted legal guidance for this process could ensure your wishes are protected in the future.
Let an Upper Marlboro power of attorney lawyer review your circumstances and advise you on the best way to proceed. Call us today to learn more.