Power of Attorney for Property
This specific type of Power of Attorney works to provide your appointed attorney with the power to conduct your financial affairs. This includes your interests in both real and personal property in the event that you become mentally incapable, and unable to conduct these affairs yourself.
The reach of this document can be as expansive as you wish, but typically they are constructed to provide your designated attorneys with the necessary authority to manage your financial affairs. Such as, paying bills, managing your investment portfolio, or the buying and selling of property.
A particular level of mental capacity is required in order to create a legally enforceable Power of Attorney for Property.
First, you are required to know what property you currently hold, as well as its estimated value.
Second, you must understand your responsibilities to your financial dependents.
Third, you must be aware of what specific authority you are delegating to your appointed individuals.
Fourth, you must understand that your attorney is obligated to account for all decisions made in regards to your property.
Fifth, you must understand that you have the right to revoke your power of attorney at any time, so long as you are mentally capable.
Sixth, you must understand the potential consequences that could result due to mismanagement of your property at the hands of your attorney.
Last, you must understand the unfortunate possibility that your attorney may abuse their authority.
Power of Attorney for Personal Care
Conversely, A Power of Attorney for Personal Care involves the designation of authority to make decisions surrounding medical treatment, health care, safety, food, and other matters of a similarly intimate nature. This document allows you to outline in advance what your future care will look like by placing the power to make these important decisions in the hands of someone you trust to carry out matters in your best interest. This document provides you and your loved ones with the peace of mind that your personal interests will be looked after should you no longer be able to adhere to them yourself.
A particular level of mental capacity is required in order to create a legally enforceable Power of Attorney for Personal Care.
First, you must be able understand whether or not the individual you have appointed to be your attorney truly has your best interest at heart.
Second, you must understand that your appointed attorney may very well be required to make important decisions of your behalf.
A Power of Attorney for Personal Care can only be acted upon in the event that you become mentally incapable of making decisions on your own. Typically, it is left up to the judgement of your appointed attorney to determine whether or not you are mentally capable. However, if an impending decision is one involving medical or long-term care, it is up to a medical professional to determine whether or not you are mentally capable of making such a decision before your attorney will be legally permitted to act.
At Carson Law we are dedicated to helping our clients put together the appropriate set of Power of Attorney documents tailored to fit your unique set of needs.
To read Power of Attorney Overview, click here.
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The content on this web site is provided for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this web site are advised to seek specific legal advice by contacting members of Carson Law, Carson IP, or their own legal counsel regarding any specific legal issues. Carson Law does not warrant or guarantee the quality, accuracy or completeness of any information on this web site. The articles published on this web site are current as of their original date of publication, but should not be relied upon as accurate, timely or fit for any particular purpose.