Planning for your physical and mental decline may not seem like a fun time, but it is essential nonetheless. When you go to draw up an estate plan that meets your unique needs, your attorney may suggest you include a power of attorney. Read a brief explanation of the four types of this powerful document before your planning session, so you have an idea of what each means.
In speaking with your representative about drafting a chesterfield missouri power of attorney, you may want to get clarification on whether a durable power of attorney document is best. In it, you appoint a person or persons who become responsible for all decisions made on your behalf when you can no longer decide for yourself. This can be due to physical or mental incapacitation brought on by a medical condition or a sudden event. Either way, a durable power of attorney can act on your behalf without having to get a court order. The document may be rescinded or modified, but only if you are found to be of sound mind and body. Otherwise, the document remains in effect until your death.
If you have surgery scheduled, a springing power of attorney will trigger. It is much like a durable power of attorney; however, it only comes into play when you are incapacitated. This type of document allows your designated attorney-in-fact to make medical and financial decisions on your behalf. Once you regain consciousness, the power is rescinded.
When you aren’t able to be present when legal documents need to be signed, you can create a limited power of attorney. This grants an appointee specific power to act on your behalf. It could be something like closing out a trust account or signing closing papers on your behalf. The appointed power ends on a date or event stated in the document.
As part of your estate plan, you may grant a person control of your affairs when you can no longer function. A general power of attorney allows a person you name to have control over your finances and your medical decisions. He or she may also purchase and sell property, close accounts, etc. A general power of attorney ends upon your death. You can also revoke a power of attorney during your lifetime, but only when you have demonstrated emotional and mental capacity to do so.
Regardless of which route you go, a power of attorney document is in your best interest. You want a trusted person to be handling your personal affairs and decisions instead of someone a court appoints.