A Power of Attorney is a legal document which appoints a person (the “Attorney-in-Fact”, AIF) to act on your behalf. You can name more than one AIF, or you can name a primary and a contingent, or back-up AIF, who would step in if the primary AIF became unable to serve. You can grant either general or limited authority to your AIF, and the authority can last for your lifetime or for a limited period of time.
A durable Power of Attorney authorizes your AIF to act on your behalf even if you become incapacitated and unable to handle matters on your own. A durable Power of Attorney can become effective immediately and continue after you become incapacitated – throughout your lifetime. You can revoke a durable power of Attorney so long as you have legal capacity. The powers granted in a durable Power of Attorney are typically quite broad and give the Attorney-in-Fact authority to handle your banking, financial, and real estate transactions, among other things.
A limited Power of Attorney places restrictions on the AIF’s general powers. For example, a limited Power of Attorney could be in place for a specific event, such as a real estate closing or contract signing, if you were out of town or unavailable. The limited Power of Attorney would then terminate after the event is completed.
Call our office or visit our website at www.troyergood.com to set up an appointment to discuss your needs for a Power of Attorney.