Wednesday, September 19, 2019
There comes a time when we get old and need help of someone to take care of our affairs in declining health. Sometimes this requires delegation of duties and representational authorities such as a document called a power of attorney but what happens near the end of one’s life?
Power of attorneys expire and do not survive death. Consider the fact that these legal documents are constructed to represent a person. Think of it this way: a power of attorney or POA lets you represent a person while alive. Executor documents let you represent a person when they are dead.
These documents let the authorized individual handle financial and legal matters. This can allow family members, friends, attorneys and other certified individuals to conduct business affairs. Depending on the specifications laid out in the documents these powers of authority may be broad or narrowed to specific limitations including prohibitions to protect and individual and his assets including estate during life and also death. On death prescribed instructions according to wills, testaments and other designations may need to be followed.
Sometimes if the powers are broad a person might be able to have unlimited authority to distribute and execute financial transactions while limited powers may designate that a person only has powers such as to pay bills. Often there is also limited authority under certain sectors of a person’s life. For example, financial and business transactions may be given authority to a certain representative but then a person with or without a current medical issue may need a separate.
Also, there is a difference between durable and non-durable POA’s with the first being able to last past incapacitation or inability to handle affairs. Both expire on death and also doesn’t allow critical health life and death decisions.
Another type of term you may see involves the immediacy of the POA. You may see standing POA’s that are effective immediately versus a springing POA that becomes effective only on the condition a certain specific happens such as when incapacitated.
Our site doesn’t give legal advice just restating some common terms you might find elsewhere to get you some information. Please consult a legal expert or state for further information. Make sure you are prepared to represent a family or friend if accidents happen. Being prepared in good times and bad times and ready is essential to good health and financial wealth.