Powers of attorney can be immensely powerful estate planning tools that can specify financial, medical, health care and lifestyle choices of an individual (principal) and assign an individual (attorney in fact) who is responsible for overseeing the execution of decisions.
There are multiple types of powers of attorney, but the often utilized types are:
Durable power of attorney for personal financial decisions: A durable power of attorney for personal financial decisions allows for the avoidance of expensive and time-consuming conservatorship proceedings in probate in the event of incapacitation or disability. In this case, the attorney in fact has the rights to manage finances and assets, including:
- Bank accounts
- Investment accounts
- Government benefits
- Real estate
- Personal property
- Insurance policies
Durable power of attorney for health care: This defines health care wishes and requirements and how they will be carried out in the event of incapacitation or inability to communicate them.
Power of attorney for the care of children: This allows parents of children to appoint an attorney in fact to care for their children. This is often established on a temporary basis with a defined beginning and end date, but parents can revoke it at any time. This document allows the attorney in fact to make decisions for children related to health care, education and welfare needs. This may be useful if a parent is going to be away from the child for a prolonged period.
St. Charles Durable Power of Attorney
We at The Lake Law Firm have been working on power of attorney issues for more than 50 combined years and are ready to take our experience and comprehensive knowledge to work to understand your unique needs and desires. From there we can efficiently draft up documentation that explicitly defines and protects them.
To discuss any Missouri power of attorney issue in an initial consultation with one of our St. Louis power of attorney lawyers, call 314-863-0077 or e-mail the firm.