You may have been advised to obtain power of attorney in a particular situation or that you need to set up power of attorney for another person. While a power of attorney can be a valuable tool, it is important to understand its uses and limitations.
The role of a Lombard power of attorney lawyer includes ensuring that the person granting the power understands how the authority he or she grants may be used, what it can and cannot cover, and how such power may be terminated. An experienced attorney could also explain the different types of power of attorney, recommend powers to suit individual needs, craft the necessary documents, ensure that the documents are correctly executed and recorded if necessary, and answer your questions at the outset as well as in the future.
Power of attorney, sometimes referred to in Lombard as POA, is a legal device that allows one person to make decisions on behalf of another. The power may be granted for a limited purpose and a limited period of time. In fact, it is often used in business to complete a single transaction.
Alternatively, a power of attorney may be created to endure until a specific event occurs or for a finite period, or it may be established to last indefinitely. In many cases, people grant power of attorney to a family member to enable that person to make decisions regarding health care, finances, or other issues if he or she becomes unable to act or would like assistance managing his or her affairs. At every stage of this process, the role of a Lombard power of attorney lawyer is to serve as an advisor.
A seasoned lawyer may recommend different types of powers of attorney to individuals for different situations. The person granting power of attorney—usually known as the “principal”—may wish to give someone broad authority to make financial decisions on his or her behalf. A broad authority would be granted in a “general” power of attorney. If the principal wishes to limit the authority, he or she would grant a “limited” or “special” power of attorney.
The power granted to make decisions on healthcare, financial matters, or other issues may be set up in a “durable” power of attorney so that it continues even after the principal becomes incapacitated and unable to make or express decisions. In certain cases, the principal may not wish a power of attorney to take effect until he or she becomes incapacitated. This is known as a “springing” power of attorney.
The document creating a power of attorney will specify the terms. These include not only the duration but also the types of authority granted. As an example, a document may enable a family member to make medical decisions on behalf of the principal, but not any other kinds of decisions.
While state law does not require the use of a lawyer when creating power of attorney, there are numerous advantages to working with experienced legal counsel who could assist with creating, modifying or interpreting this legal authority. An accomplished lawyer could help ensure that the document creating power of attorney is executed in a manner that complies with legal requirements, minimizes the potential for abuse, and is designed to implement your wishes fully.
The role of a Lombard power of attorney lawyer will differ according to a person’s needs, but a skilled attorney could tailor services to fit each situation. To learn how a power of attorney lawyer could assist with your unique needs, set up an initial consultation today.
