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Alexandria, VA 22311
Estate planning refers to a series of designations to make, not just one or two legal documents. One of the numerous issues to determine through the estate planning process is to designate which individual or individuals have power of attorney for the party planning his or her estate. Power of attorney is the right to make legal decisions on another individual’s behalf, which can include medical and financial decisions. When an individual has power of attorney, it is his or her job to act in the incapacitated party’s best interest and according to his or her wishes.
Types of Power of Attorney
There are a few different ways to grant power of attorney. The party with power of attorney is known as the agent and the party who grants it is known as the principal.
- Durable power of attorney. This permits the agent to make decisions on the principal’s behalf from his or her incapacitation to his or her death;
- Non-durable power of attorney. With this arrangement, power of attorney is only granted for a specific period of time, often tied to a specific transaction, then ceases once the period of time expires;
- Springing power of attorney. Springing power of attorney can be durable or non-durable. It goes into effect when a specific event occurs and the principal cannot attend to the event; and
- Limited power of attorney. This type of power of attorney is even more narrow than non-durable power of attorney. It grants the agent the right to make choices on one specific transaction.
Power of Attorney is Not Automatic
A common misconception about power of attorney is that an individual’s spouse automatically has power of attorney for him or her. This is not true. An individual must designate another adult as having power of attorney for him or her, and this other adult can be anybody, such as the individual’s sibling or child.
Work with an Experienced Alexandria Estate Planning Lawyer
Designating a loved one’s power of attorney for you in the event you become incapacitated is an important part of the estate planning process. To ensure that your rights are protected and there is no room to dispute your choice, work with an experienced estate planning lawyer to complete this process. Contact our team at Kamerow Law Firm, PLLC today to set up your initial consultation in our office.