A power of attorney is an estate planning document that transfers authority to another person for acting in your behalf in certain matters. It is a legal document that only grants your agent the power to make decisions or carry out instructions that are specified in the document and under specific circumstances. A Minnesota estate planning attorney from SchindelSegal PLLC can help you determine if or when you need a power of attorney and assist you with creating one.
Appointing an Agent to Handle Financial, Property and Other Legal Matters
There are numerous circumstances under which you may wish to designate a power of attorney. Your agent can then act for you (the principal) when you are unable to carry out certain actions yourself. This can be because of your absence, incapacitation or another reason. Some common circumstances when you may need a power of attorney can include:
- A member of the military can create a POA before an overseas deployment so another person can act on their behalf should they become incapacitated. They may also create a POA to empower another person to handle legal matters with property, finances or family decisions.
- Expatriate workers may establish a POA for someone to handle their affairs in the US while they are working overseas.
- Those who travel a great deal might set up a POA so that someone can handle their affairs in their absence, especially in the absence of a spouse or close relative back home.
- You may include a POA as part of your living will or health care directive, empowering someone to make medical decisions that are not addressed in your living will. This person may also be charged with paying bills, selling assets to pay for medical needs or handling other business.
- Non-traditional families can use a POA to allow unmarried partners to handle government benefits, assets, insurance, paying bills or handling property transactions.
- Many POAs are established when someone becomes elderly or is facing a serious medical crisis. The agent can manage any assets not held in trust, file taxes and acts as a legal representative in other matters.
An estate planning attorney from SchindelSegal PLLC can explain more about different circumstances where a power of attorney would be in your best interests.
See SchindelSegal PLLC for a Minnesota Power of Attorney
Because a power of attorney is a legal document, you need an estate planning attorney in Minnesota to craft it and file it with the court. There are different types of POAs to meet different needs, and your attorney can recommend the best one for your particular situation. They include:
- Conventional, or limited, power of attorney
- Durable power of attorney, which lasts for a lifetime unless you cancel it
- Springing power of attorney, which only comes into play for specific events
- Medical, or durable, power of attorney for health care
Call SchindelSegal PLLC in Minneapolis, MN today and schedule a consultation with one of our seasoned estate planning attorneys to discuss your power of attorney or other estate planning needs.