It is important to understand the limitations of a Power of Attorney before relying on it to be a substitute for Estate Planning by an Estate Planning Attorney. For instance, many people believe that a Power of Attorney will be able to take care of your Estate after death. Unfortunately, this is a common misconception. A Power of Attorney only remains valid until cancelled, until an expiration date, or most importantly–only until death of the principal. This means that a Power of Attorney cannot be used as a substitute for a Will or Trust. If you or a loved one have questions about what the best option is for their situation, it may be beneficial to contact an Estate Planning Attorney.
Another common misconception is that a Power of Attorney can replace an Advanced Health Care Directive which appoints a health care proxy. Depending on the type of Power of Attorney and the authority granted, you may not have designated a person to handle medical decisions if you only have a Power of Attorney. That is why it is often beneficial to have both a Durable Power of Attorney and an Advance. An Estate Planning Attorney will be able to help you better understand what you might want to include in your unique Estate Plan.
A Power of Attorney is a powerful tool and an especially important decision to make. To understand options that can meet your individual needs feel free to contact our firm, Hartsfield & Egbert, PLLC at (405) 285-685, or visit our website www.helawedmond.com and schedule a consultation.