Estate Planning in Raleigh, NC: The "Power of Attorney"
If you've started the process of estate planning, you've likely come across the term "Power of Attorney." But, do you understand what it means to have or to give Power of Attorney to someone as it relates to Estate Planning in Raleigh?
What is Power of Attorney? | Estate Planning in Raleigh
A "Power of Attorney" is a written document that might be used when a person would like to allow another adult to handle their financial and/or property matters. A power of attorney, because it can be viewed as a legal document, is a component of Raleigh estate planning everyone should understand and possibly consider.
Power of Attorney Documentation
Generally, the court system is not always involved with power of attorney documentation. That said, there are many different types of power of attorney documents. We've discussed a few of those documents in previous articles. With this in mind, an estate planning lawyer is probably the next step if you need to discuss power of attorney.
If you're interested in discussing how to establish power of attorney or creating an estate plan, be sure to contact Eldreth Law Firm, PLLC. They can help you determine whether the document is right for you or a family member. Having the right legal guidance is critical while you’re working on estate planning in Raleigh, NC.
What does it mean to give Power of Attorney?
If you become incapacitated or incapable of making your own decisions, a power of attorney may be needed. This allows a designated person to manage your estate. The power of attorney document can also allow this other adult to make decisions for you. For more information on a healthcare power of attorney, be sure to visit our previous estate planning posts.
In essence, a power of attorney includes a “principal". The principal is a person who creates the power of attorney. The principal might give decision-making authority to another adult. This adult is called an “attorney-in-fact”. The principal has the right to revoke or cancel the power of attorney at any time and may be able to put a specific time limit in the document, if needed. The time limit can determine how long the power of attorney is valid. It could be a week, a year, or even 10 years. The decision is up to the principal.
If you aren’t sure how you might prepare a power of attorney for your situation, it’s a good idea to seek legal advice. Consulting with an attorney may make the process easier. Contact our attorney in Raleigh NC for help.
