Various Forms of Power of Attorney

Parklin Law

We’re supposed to have razor-sharp intellect for the rest of our lives. Having said that, sometimes defending our family requires wishing for the best while preparing for the worst.

Power of attorney, along with other estate planning strategies like a final will and testament, can be useful in this situation.

Having a power of attorney allows someone to handle your finances and legal matters if you are unable of doing so. We conducted the research to help you comprehend the many types of powers of attorney and which may be appropriate for your circumstance.

Just in case, you might decide to create a power of attorney for yourself. If you have elderly parents or other family members, you might also encourage them to appoint a power of attorney while they are still competent.

And certainly, even if they have joint accounts, married couples frequently need POA as well! Your queries, such as “what is POA?” “who can overturn a power of attorney?” and “how do I get a power of attorney?” will be answered in detail.

Durable Power of Attorney

The word “durable” is used to describe the majority of POA documents. These are often utilized if you are worried that you might become disabled in the future. When you have a durable power of attorney, the agent’s authority lasts after you are legally unable to make choices on your own.

You might not even need to let your agent know they’re on your durable power of attorney’s list, depending on the regulations in your state. It’s also crucial to keep in mind that you’re not ceding control of your finances prior to becoming incapacitated (though it’s still a good idea!). As soon as the POA becomes effective, the agent has legal access, but you have the right to remove their authority at any moment and for any reason. You won’t lose any of your control or access to your accounts in the interim.

Fiduciary obligation requires your agent to operate in your best interests, not their own. By having access, your bank account does not automatically become their ATM. A bank has the right to refuse service to an agent if it believes the agent is abusing their authority or if the durable power of attorney is “stale” (that is, it hasn’t been renewed in a few years).

If you believe your POA agent is squandering your money, you (or someone who is worried about your financial welfare) can file a lawsuit against them or get in touch with the state’s adult protective services. According to the misuse, there may even be cause for criminal prosecution. A court can order the agent to return misappropriated funds or other assets.

Power of Attorney Free Consultation

If you have any questions or in need a Power of Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

When you need a Lawyer, contact this law firm:

Parklin Law

5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618–0699
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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.