A Power of Attorney document authorizes someone else (your designated agent or attorney-in-fact) to act on your behalf in financial, medical, personal and other areas of your life. Powers of Attorney can be confined to certain activities, for example managing certain financial affairs, or they can be broad ranging, such as those powers provided in a General Power of Attorney. The authority to take charge of your medical care can be established through a Health Care Directive. The Estate Planning Attorneys at MDK Law can help you determine how to delegate Powers of Attorney to the trusted people in your life and to draft appropriate customized documents so that you can put your mind at ease and to insure that your wishes are honored.

What type of powers can be extended to your Agent?
A durable financial power of attorney designates specific kinds of authority to your agent. A general power of attorney authorizes your agent to take a wide range of actions on your behalf, such as buying and selling property, paying bills, making investments, and managing bank accounts. A power of attorney can be limited to certain activities in per your designated wishes. For example, agent authority could be limited to sign on one bank account or manage a specific transaction. The attorneys at MDK Law can easily customize a Power of Attorney document to accommodate the requirements of your situation, either as separate documents or as part of your estate plans.
A healthcare power of attorney allows you to designate an individual to make healthcare decisions for you in the event that you are unable to do so because of an injury or illness. Many individuals also choose to include a healthcare directive as part of their estate plan in addition to a power of attorney. A healthcare directive provides instructions to your loved ones so that you can have control over your healthcare even when you are unable to communicate your wishes.

Selection of your Agent
Choosing the right individual as your agent is important. Usually a family member or a trusted friend is the best choice. You can also name alternate agents to serve in case the first agent is not able to or willing to act.

Duration and Revocation
Most powers of attorney becomes effective upon the date of signature, but you may also designate that the effective date will be at some point in the future or under certain conditions. A power of attorney remains effective during your lifetime unless it is revoked or there are specific limits in the power of attorney or an expiration date is specified. A durable power of attorney remains effective if you become financially incapable. Your agent’s authority ends when you die. The option to revoke a power of attorney can be exercised as long are you are mentally capable. If you become incapacitated and cannot make decisions about your finances then having a Power of Attorney can empower your trusted loved ones to act on your behalf during difficult times.
Call MDK Law today to develop the appropriate Powers of Attorney documents to extend power to manage your affairs to individuals that you trust in your life.