A power of attorney (POA) names an agent to make certain legal decisions for you, and can be a useful tool in a variety of situations where you are unable to make decisions yourself. While they are often used to determine medical care for incapacitated individuals, this is not all they can do. POAs also come with many protections, including limiting the scope of an agent’s power.
If you are considering whether to get a limited power of attorney in Reno, now is a good time to discuss your options with legal counsel from Cross Law Group. An experienced power of attorney lawyer can draft a document that meets your needs and soothes any concern about future life events.
A power of attorney is a legal document that awards a third party the ability to act on your behalf in certain circumstances. The party, known as your attorney-in-fact, can serve in any capacity that you agree to, including managing your financial matters or making healthcare decisions on your behalf.
One of the ways in which these documents provide flexibility is how they are allowed to go into effect. Some options become active the moment they are signed. Others do not go into effect until a specific event occurs. This might be an agreed-upon date or the declaration by a physician that the creator was found to be incapacitated.
In Reno, limited powers of attorney restrict the kind of decisions an agent can make on your behalf. You have the ability to draft a document in a way that gives fairly broad authority or allows the attorney-in-fact to only make a single decision with a fixed time limit.
The technical requirements for these powers of attorney are the same as any other. They must be in writing and signed by the creator to be valid. The law does not require that you notarize the document, but it is generally considered a good idea to do so.
There are several different reasons why you might prefer limits on the scope of what your attorney-in-fact can do on your behalf. The following are just a few reasons why Reno residents should consider a limited POA.
If you are planning a transaction or other type of dealing that requires the support of an expert, it may be easier to simply let that person act on your behalf instead of walking you through the process. For example, this might include giving a stockbroker the express power to manage part of your portfolio for a limited time.
Another situation wherein having someone with the power to act on your behalf is useful is while you are away traveling. If you intend to be gone from your home for an extended period of time, it can be useful to have someone with the right to arrange for repairs or handle other issues with your estate that might arise during your absence.
Arguably, the most common reason in Reno for creating a limited power of attorney is your prospective health. Some people create these documents and appoint an agent when they are headed into surgery to ensure their wishes will be adhered to if the worst should happen. Other powers of attorney are in place due to the general risk of incapacitation.
You have plenty of options for appointing an agent to make choices on your behalf when you are unable to make them. Whether this is for a single transaction or something more long-term, a limited power of attorney in Reno could be the right approach. Call today to learn more about how a limited POA fits into your overall trusts & estates management.