Protecting Clients by Preserving Their Legal Rights

 As a person ages, they may have less desire or ability to manage their own affairs. In such cases, it may be beneficial for a trusted family member or friend to manage the principal’s medical, financial, and legal affairs. The attorney in fact, or agent who acts on behalf of the principal, may be assigned various duties either temporarily or permanently.

If you wait until you need to use a power of attorney, it may be too late to make your wishes known. It’s crucial to work with a lawyer for powers of attorney to prepare a legal document that indicates your wishes and names an attorney-in-fact who can act in your name.

At Compass Estate and Tax Planning, our legal team has helped numerous individuals and families navigate the complex issues related to powers of attorney. We’ll help you understand your options and resolve any disputes that may arise at this critical time. Furthermore, we can prepare you for the future by creating a power of attorney document tailored to your unique needs. Call 919-646-6549 to discuss your questions and circumstances further.

How Do Powers of Attorney Work?

With a power of attorney, one person delegates legal authority to a trustworthy agent to act on their behalf. The agent’s authority may cover many aspects of the principal’s life, such as when a general power of attorney is used. With limited or special powers of attorney, the power of attorney grants authority to act in just one or a few instances, such as a health care power of attorney or other financial matters.

The agent may also be able to make personal and business decisions on behalf of the principal. This can allow an aging or ill person to enjoy their remaining years free from the worries of paying bills, maintaining medical records, making health care decisions, and so on. The agent will have the authority to work with financial institutions in the person’s name and pay their bills using the principal’s funds.

What Types of Powers of Attorney Are There?

There are several types of powers of attorney, including:

• General power of attorney – General POA grants authority to act on behalf of the principal in virtually every aspect of their life
• Limited powers of attorney – Limited POA restricts the agent’s power to one or a few fields, such as financial, business, medical treatment, or a combination of these
• Springing power – Springing powers of attorney come into effect when the principal becomes incapacitated for any reason
• Durable power – Durable power of attorney exists whether or not the principal is incapacitated
• Financial powers of attorney – Someone with a financial POA may manage bank accounts, sell property, pay bills, and otherwise handle finances in the best interest of the principal
• Healthcare power of attorney- Health care powers of attorney allow the agent to access medical records, discuss medical treatment with healthcare providers, and make medical decisions on behalf of the principal
• Enhanced power of attorney – Enhanced POA grants broader powers specific to Medicaid planning to allow additional planning for Medicaid qualification if you become incapacitated

Why Do I Need a Lawyer for Powers of Attorney?

Powers of attorney are legally binding, meaning they carry specific legal requirements. If you are considering creating a power of attorney document or are the agent on behalf of a loved one, you should seek counsel from a trusted attorney. Your lawyer can help you understand how North Carolina law impacts your rights and responsibilities when it comes to powers of attorney.

As an attorney-in-fact, it is crucial to understand your fiduciary duty and act in the best interest of the principal. A lawyer can help by explaining your duties and assisting with carrying out these duties. You should also consult with an estate planning attorney before creating powers of attorney documents that will protect you for the future.

Should You Hire Our Cary, NC Lawyer for Powers of Attorney?

Whether you are seeking help with a durable power of attorney, a general power of attorney, or any other critical estate planning document, please contact our law firm immediately. We have a deep understanding of North Carolina general statutes and will assist you based on our years of experience.

Creating a power of attorney document can be a highly beneficial aspect of your estate plan. With such legally valid documents in your plan, you can gain peace of mind for the future, knowing someone you trust can manage your affairs. You can have a trusted agent to manage your finances, handle business needs, make health care decisions, or any other responsibility you want to delegate. You can also choose whether you want such power to be temporary or if you want enduring power after you become incapacitated.

At Compass Estate and Tax Planning, we are ready to answer your questions and prepare the unique estate plan you need, including powers of attorney. We are highly trained in many aspects of elder law and will be your allies if a triggering event makes you an agent for a friend or family member.

Call 919-646-6549 to speak with our talented, compassionate legal team about your needs.