Powers of Attorney
“How you can tell you might be getting too close with your pet: When Polly wants a power of attorney.” -- Wiley Miller
A power of attorney is a duly executed legal instrument which empowers another individual of the grantor's choice to make binding decisions on the grantor’s behalf. There are two principal kinds of powers of attorney: Financial and medical, though it is also possible to execute a general power of attorney that encompasses both.
Financial Powers of Attorney
A financial power of attorney is one which grants the holder of the power – the agent – the ability to make financial decisions on the grantor’s behalf. This can include direct financial decision-making, such as depositing and receiving monies for the grantor and paying the grantor’s bills with the grantor’s funds. It also can include more indirect decisions, such as mortgaging the grantor’s property or managing the grantor’s business(es). The scope of a financial power of attorney is variable, with it being possible to grant a general power of attorney that encompasses all financial decision-making, or a limited power of attorney that empowers the agent to only make certain specifically enumerated decisions. Financial powers of attorney can also be durable, which are effective from the moment they are executed until the moment they are revoked, or contingent, which only become effective upon the fulfilling of a prescribed condition precedent.
Medical Powers of Attorney
A medical power of attorney is one which grants the agent the ability to make medical decisions for the grantor. (Medical powers of attorney are often called living wills or advanced health care directives, the latter being the preferred term of the Law Office of Christopher J. Velez.) Medical powers of attorney are generally limited and contingent, empowering an individual to make certain decisions within the care guidelines established by the grantor, which only become active upon the incapacitation of the grantor.
Remembering Who Your Friends Are
Contemplating the day when you are no longer able to care for yourself can be a grim and joyless prospective. It is, nonetheless, a vitally necessary thing which must be done. Since 2013, the Law Office of Christopher J. Velez has been helping individuals and families in Southwestern Kansas through the process of planning for a day that, hopefully, is many years down the line. And we would like the chance to help you do the same.
Call (620) 277-3315 to find out what the Law Office of Christopher J. Velez can about assisting you in preparing your powers of attorney.