Establishing Powers Of Attorney

A power of attorney is an important legal tool that gives a trusted person decision-making authority over important aspects of your life. If you grant a power of attorney to someone, he or she will be able to make certain financial or legal decisions on your behalf in the event you become incapacitated or are otherwise unable to conduct a transaction for yourself.

There are different types of powers of attorney, including:

  • General: A general power of attorney is broad in scope and gives the agent, or attorney-in-fact, the authority to sign documents, pay bills, manage bank accounts and perform other functions on behalf of the person granting the power of attorney (the grantor).
  • Limited: The scope of a power of attorney can be as narrow as you want it to be. In many cases, a power of attorney is granted for a single transaction and limited period of time. A limited power of attorney is often sought when a person is travelling and needs someone to sign a document or conduct a transaction in their stead.
  • Durable: A durable power of attorney does not expire, but rather remains in effect until death, or until the grantor rescinds it.
  • Springing: A springing power of attorney goes into effect only when a certain circumstance is met, such as the incapacitation of the grantor. When drafting a springing power of attorney, it is important that the standard for triggering the power of attorney is clearly outlined.

A power of attorney is an effective legal tool, but must be drafted with care. With more than 30 years of legal experience, estate planning lawyer Amy Fike Peters at the Estate Preservation Group can help you establish powers of attorney and other estate planning documents that work for you.

To contact our Oceanside, California, law offices, contact us online or by telephone at 760-687-9831.