When you are navigating complex health situations or planning for the future, having a Power of Attorney (POA) document prepared can be an important part of your planning.
What is a Power of Attorney?
This legal document allows for you to designate an attorney-in-fact and give the authority for them to handle financial matters if you are unable to do so yourself. Without a POA, decisions about your finances may be made by a court-appointed guardian, who may not know your preferences.
Choosing the Right Attorney-In-Fact(s)
Selecting someone you trust to act as your attorney-in-fact is important. The Power of Attorney gives significant power to the attorney-in-fact and so you want to be sure that you are selecting someone you trust to act in your best interest and who knows your preferences. You may also select more than one person to act independently or to act in conjunction with one another.
Legal Requirements
To be effective the Power of Attorney must be signed by you and be notarized. You must also be of sound mind when signing the document and able to understand what you are signing.
Activation and Revocation
A Power of Attorney takes effect immediately on signing. A POA can be revoked at any time but you must take steps to inform the individuals who have received the POA to prevent any unauthorized action.
How to Prepare
A Power of Attorney document is often needed in conjunction with other estate planning documents. An estate planning attorney can advise and create a POA for your needs. Cancer Legal Care can also help directly or can connect you with a volunteer estate planning attorney, if you qualify for those services. Additionally Law Help MN offers a module to complete a Power of Attorney document on your own.
Questions?
With any questions, please reach out to us at Cancer Legal Care by email at help@cancerlegalcare.org or by phone at (651) 917-9000.
