Experienced Professional Fiduciary for Power of Attorney
A power of attorney is a document that allows you to appoint a person or organization to handle your affairs while you're unavailable or unable to do so. The person or organization you appoint is referred to as an "Attorney-in-Fact" or "Agent."
Here are some of the terms commonly used in connection with Power of Attorney:
General Power of Attorney - authorizes your Agent to act on your behalf in a variety of different situations.
Special Power of Attorney - authorizes your Agent to act on your behalf in specific situations only.
Health Care Power of Attorney - authorizes your agent to make health care decisions for you if you're incapacitated and unable to make informed decisions.
Durable Power of Attorney - Any general, special or health care Power of Attorney can be made "durable" by adding certain text to the document. It remains in effect until revoked. An Power of Attorney can be revoked as long as you are mentally competent.
Revocation of Power of Attorney - allows you to revoke a Power of Attorney.
General Power of Attorney
A general power of attorney is very broad and provides extensive powers to the person or organization you appoint as your agent. These powers usually include:
•Handling banking transactions
•Entering safety deposit boxes
•Handling transactions involving U.S. securities
•Buying and selling property
•Purchasing life insurance
•Settling claims
•Entering into contracts
•Exercising stock rights
•Buying, managing or selling real estate
•Filing tax returns
•Handling matters related to government benefits
You may also grant additional and very specific powers to your agent, such as:
•Maintaining and operating business interests
•Employing professional assistance
•Making gifts
•Making transfers to revocable ("living") trusts
•Disclaiming interests (this has to do with estate planning strategies to avoid estate taxes)
A general power of attorney is usually employed when someone needs to handle your affairs during a period of time when you are unable to do so yourself. For example, when you are traveling out of the state or country or when you are physically or mentally unable to handle your affairs because of an injury or illness.
A general power of attorney is frequently included as part of an estate plan. .
If you have questions about selecting a fiduciary for your Power of Attorney, please call our office. If you have legal questions about setting up a Power of Attorney or other life-planning documents, we will be happy to provide referrals to local attorneys who specialize in family law and estate planning.
From Phoenix metro area call: 602-334-4084
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