A Power of Attorney is a legal document that is used to delegate legal authority from one person to another. The person who executes the Power of Attorney (gives away authority) is known as the Principal, and the recipient of authority is known as the Agent or Attorney-in-Fact. While there are many different types Powers of Attorney, only Springing Powers of Attorney are used in estate planning. Most commonly, Durable Powers of Attorney are divided between medical and financial powers. A Medical Power of Attorney grants an agent with the ability to make decisions regarding the medical care a principal should receive in the event that principal is incapable of making decisions or of making those decisions known. A Financial Power of Attorney grants an agent with the power to make financial decisions regarding the principal’s estate, which can be especially necessary in the event of long-term illnesses or disabilities.
Springing Powers of Attorney are an effective way to avoid court battles over the medical care you should receive in the event of certain circumstances. Please contact our estate planning lawyers today to designate agents for Medical and Financial Powers of Attorney.