Unlike the guardianship process, a durable power of attorney enables you to decide which loved one or another trusted person will step up as your agent if you can no longer act and speak for yourself. This decision shouldn’t be taken lightly. It may be in your best interest to speak to an experienced Marion durable power of attorney lawyer.
What Is a Durable Power of Attorney?
A durable power of attorney is an essential document if you require an agent to step up and act on your behalf in the event you’re incapacitated due to an illness or accident. Your agent will act or sign on your behalf in the case you unexpectedly:
- Experience unexpected losses
- Became disabled suddenly
- Reside far away geographically where you can’t sign legal documents
In North Carolina, to enact the legal authority, the principal must sign the paperwork and have it notarized. The “durable” part of a power of attorney (POA) references that even if the principal becomes incapacitated for any reason, the agreement stays active. However, the principal keeps the right to revoke the POA at any time prior to their death.
The POA gives another person, usually a child or spouse, the power to act on your behalf. Keep in mind this is a significant decision to make, so you’ll want to select the agent carefully. Your DPOA document can include any specific provisions you would like to include, and your Marion power of attorney lawyer can assist you in drafting a document that will meet your needs precisely.
Importance of a Durable Power of Attorney in Marion, SC?
Traditionally, a power of attorney would end if the principal became incapacitated and granted the power to the agent the moment the document was signed. A “durable” POA will continue even after a principal becomes incapacitated.
A durable POA provides an agent of your choice the power to handle all your financial affairs in the event you become unable to do on your own. If you were to suddenly become incapacitated, some of the financial transactions your agent would have to manage include:
- Paying your mortgage
- Filing and paying your taxes
- Buying or selling property, such as real estate, stocks, or personal property
- Paying your car payments, utilities, and other bills
If you don’t have a durable POA in place, a family member might have to petition the court to be granted guardianship. This is a time-consuming process, and you wouldn’t be able to provide them with specific instructions or even choose who will manage your affairs.
When Does a Marion Power of Attorney Take Effect?
A durable POA will go into effect immediately upon execution. Therefore, you must choose a trusted agent who you know won’t abuse the powers they’re granted. Your durable power of attorney in Marion, NC will stay in effect if you’re incapacitated, ill, or otherwise unable to act on your own behalf. A person is considered incapacitated when they can’t handle business or property affairs because of their inability to comprehend information or communicate.
Before powers are granted to the agent exclusively, incapacitation must be verified. This generally requires a psychological or physical evaluation to determine if you’re mentally incompetent to manage your business transactions or financial affairs. After your incapacitation is verified, the chosen agent will be granted sole authority to exercise the powers you granted them per your durable power of attorney document.
Do You Require a Lawyer to Obtain a Marion Power of Attorney?
As mentioned, choosing an agent and designating a POA involves making some significant decisions, which shouldn’t be undertaken until you’ve carefully considered all your options. While you can obtain free durable power of attorney forms online to create your POA, it’s always in your best interest to seek the help of an experienced Marion POA lawyer for guidance.
Remember, the agent is granted the power to “act” on your behalf and manage your property and financial matters. They also retain the right to make decisions on your behalf for your health and safety needs if you become incompetent to do so yourself. You’ll want to consult with a trusted power of attorney lawyer in Marion who can help guide you through the process.
The legal document that designates a durable POA can be confusing and complicated if you’re unfamiliar. You’ll likely have many questions about the various types of authority that you’re granting or even designating a POA. So, you’ll want a skilled and knowledgeable durable POA lawyer to turn to.
An experienced POA attorney will also determine if your existing durable POA documents require updating due to N.C. Uniform Power of Attorney Act that came about in 2018. Your attorney will create an advance care directive that will outline your end-of-life treatment preferences, reflect your values, and authorize the individual or individuals you select to make essential decisions on your behalf if you’re unable to do so.
Reach Out to a Knowledgeable Marion Power of Attorney Lawyer at King Law Today
You just don’t know when things may take a turn for the worse. If they do and you become incapacitated, you’ll want to feel confident that your financial affairs and other assets are in good hands. A Marion power of attorney lawyer has the required knowledge about the implications of these complicated legal documents and how they can impact your future.
Allow the experienced lawyers at King Law to help you craft your durable power of attorney documents to ensure you’re handing power over to the right person. Call us today at (888) 748-5464 or (888) 748-KING to schedule a consultation. You can also fill out our contact form.