The Benefits of Having an Evolving Power of Attorney

A power of attorney is a basic instrument that is used to authorize another individual to act on your behalf in a business, legal or medical matter. Typically, a power of attorney only kicks into action when you become incapacitated and are unable to make these decisions by yourself. The powers that are conveyed within a power of attorney are something that you grant to another individual. They are often sweeping and broad, however, they can be tailored to a unique and specific situation. For example, in the event that you become mentally incapacitated you might wish to name another individual to take control of your financial affairs.

There are many different kinds of power of attorney documents and this is why it is essential to identify a knowledgeable estate planning attorney to assist you with this process. Your power of attorney may need to evolve over the course of time as your individual needs change.

In addition, the person that you have chosen to serve as your power of attorney agent may not able or willing to do so over the long run. For example, imagine that you have named your current spouse as your power of attorney agent to make legal, financial and medical decisions on your behalf. If you get divorced, however, it becomes all the more important to update your power of attorney document.

You may wish to flex things over time to provide greater or fewer powers to a power of attorney agent. This is why it is important to have an established relationship with an experienced estate planning attorney who can help you determine the power of attorney documents you need now and help you amend or create new ones in the future as your individual needs change.