Power of Attorney Explained: Why You Need a Traverse City Estate Planning Expert

Introduction

A Power of Attorney is a legal document that empowers another person to represent you. This individual is the agent/ attorney-in-fact of you. They also take care of your affairs in case you are not able to do it on your own. The truth is that all adults are supposed to possess one despite their health condition. This is because life is unpredictable and accidents may occur at any time. In the absence of this document, your family may have to undergo a lengthy and costly legal procedure. Here, we discuss the legal guidelines of Traverse City estate planning attorneys. 

The Art of the Power of Attorney and Your Future

The Power of Attorney makes sure that your document is legally valid and reflects your goals and wishes in particular. Most of the population believes that they require this piece of paper once they get older.  The presence of a professional in your midst gives you and your family some peace.

You need not worry about your financial matters and health care being left in the hands of someone unprepared. Estate planning attorneys can help set up clear directives, avoiding misunderstandings and disagreements in high-stress situations. This is one of the most altruistic steps you can take to protect and support your family’s future.

The Power of Attorney of Finances and Asset Protection

A financial Power of Attorney pays attention directly to your property and your money. Your agent can pay your bills and run your bank accounts in case you are incapacitated. They are also able to manage your taxes and manage your investment portfolios on your behalf. In the absence of this power, your accounts may also be frozen in case you are unable to access them. An estate attorney Traverse City is knowledgeable about the local legislation that regulates such financial documents. 

They make you pick the correct individual to manage your assets acquired with hard work. This individual must be a person whom you can rely on with your finances. 

Healthcare Decision Making and Medical Power of Attorney

A patient proxy or a healthcare proxy is commonly referred to as a medical Power of Attorney. It enables one to direct another person to make medical choices on your behalf in case you are unable to communicate. The Traverse City estate planning attorneys will assist you in expressing your healthcare preferences. They make sure that your document is in agreement with the laws of the state of Michigan and the hospital. 

The Weaknesses of Generic Online Forms

Now it is easy to tempt oneself to download the generic Power of Attorney form on the internet. They tend to be too general and might fail to comply with certain Michigan legal criteria. Such a mistake as wording can render all the documents invalid at the moment when you need them the most. Documents that fail to satisfy the strict internal requirements of banks and hospitals are usually rejected. An estate Attorney in Traverse City will make sure that your paperwork is specific to your situation. They give you professional supervision.

When Does a Power of Attorney End?

A Power of Attorney is usually terminated at the time of death or upon revocation. You need to be in your right frame of mind to revoke the document or to alter your agent. It also terminates if a court concludes that a document is no longer valid. There are durable powers that are still in operation when you get disabled. The other ones are non-durable and terminate immediately when you lose your mental ability. An estate Attorney in Traverse City describes these differences to you so you can make the right choice of type.

How to Select the Right Agent for Your Needs

The most significant step in the process of developing a Power of Attorney is choosing an agent. He or she should be a trustworthy and honest individual who can assume great responsibility. Before signing any legal papers with your prospective agent, you need to be able to talk to him/her. Ensure that they are ready to undertake the position and know what you expect. It is always prudent to appoint a backup agent in case the first one is unavailable. This is a critical selection process that can be carried out by your Traverse City estate planning attorney.

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FAQs

Can I change my agent later? 

Yes, you are free to change your agent anytime you want, provided you are of sound mind.

Will it grant power of attorney to another person upon death?

 No, the power contained in an authority of attorney ceases upon the death of the principal.

What will become of me in case I do not have a power of attorney? 

Your family will probably need to take your family to court to request a guardianship or conservatorship, which is time-consuming and costly.

Can I have more than one agent? 

Yes, you may refer to co-agents who aid the other or to a sub-agent who fills in case the former is incapable of performing.

At what time shall I write such documents? 

To make sure that you are not left alone, you should prepare these documents as soon as you reach the age of eighteen to be always safe.