Knowing Power of Attorney (POA)
A Power of Attorney (POA) is an important legal document that allows someone to make decisions in your place on your behalf. For financial, medical, or legal issues, a POA can make your affairs run as smoothly as possible when you are unable to manage them yourself. But what if you require more than one individual to manage your affairs? And does a durable power of attorney survive death? In this blog, we will provide answers to these questions and discuss how Angelique Friend can help you with POA services.
Can You Have More Than One Power of Attorney?
Yes, it is possible to have more than one power of attorney. There are various ways to organize multiple POAs depending on your requirements:
- Co-Agents (Joint POAs)
You can appoint two or more individuals as co-agents who will jointly have the responsibility of making decisions. This arrangement can be useful because:
It is a system of checks and balances.
It makes sure that no single person has full control.
It facilitates collaborative decision-making.
But in case disagreements may occur, potential conflicts are possible where co-agents do not agree on decisions. To avoid conflicts, the POA document can specify how disagreements are to be resolved.
- Successor or Backup Agents
As an alternative to co-agents, you may have a primary agent and a successor agent. The successor agent acts only in case of incapacity or unwillingness on the part of the primary agent. This method:
Provides continuity of decision-making.
Avoids unnecessary conflicts between agents.
Gives a concise line of authority.
- Different POAs for Various Issues
Alternatively, you can have distinct POA forms for various kinds of decisions. For instance:
A financial POA to deal with fiscal and legal issues.
A medical POA for making medical decisions.
This format enables you to appoint different persons who can best perform each task.
Does a Durable Power of Attorney Terminate on Death?
Yes, a durable power of attorney terminates automatically with the death of the principal (the grantor). At this time, the agent no longer has the ability to make decisions. Here’s what occurs after death:
- Control Transfers to the Executor or Trustee
When the principal dies, their financial and legal affairs are taken care of by the executor of their will or the trustee of their estate, not the POA agent. The executor has the following duties:
Pay debts and taxes.
Divide assets as per the will.
Take care of probate proceedings (if any).
- Medical Decisions Stop Immediately
If the POA was for medical decisions, it is no longer effective after death. Any end-of-life choices must be specified in an advance directive or a living will.
- Managing Financial Accounts and Assets
A POA agent cannot touch the deceased’s bank accounts or assets unless they are also listed as an executor. To make the transition smooth, estate planning documents such as a will or a trust should be available.
How Angelique Friend Can Assist with POA Services
Interpreting power of attorney papers can be difficult. Angelique Friend offers skilled legal services to assist individuals and families in making sound decisions regarding POAs. Her services involve:
Preparing individualized POA documents that best meet your individual needs.
Interpreting the duties and powers of POA agents.
Enforcing compliance with state regulations to prevent legal disputes.
Assisting families with estate planning for smooth transfer of power.
FAQs on Power of Attorney
- Can Power of Attorney Override a Will?
No, a POA only holds sway during the life of the principal. When the principal dies, the will prevails over any POA directives.
- Can I Alter My Power of Attorney?
Yes, provided you remain mentally capable, you can alter or cancel your POA whenever you wish.
- Do I Have to Use a Lawyer to Create a POA?
Although you can create a POA yourself, using a lawyer will help ensure that the document is legally valid and serves your estate planning purposes.
- Can a POA Agent Give Money to Themselves?
No, unless specifically granted in the POA document. Otherwise, this action may be seen as fraud or financial exploitation.
- How Do I Select the Appropriate POA Agent?
Consider choosing an individual you trust, who is also responsible and knows your desires.
Obtaining a power of attorney is an important step in safeguarding your medical and financial choices. If you require several POAs, desire to name successor agents, or require counsel on estate planning, Angelique Friend provides expert legal assistance to guide you through these important choices.
If you require help establishing a POA, call Angelique Friend today for professional advice and reassurance.
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