Do Not Wait For Crisis: Get Trusted Power Of Attorney Counsel
There is no substitute for the peace of mind that comes with securing your legacy and protecting your long-term interests before you have a personal emergency such as an unexpected illness, accident or cognitive decline. If you become incapacitated and cannot manage your own affairs, you need someone you can trust to manage matters on your behalf. This can be done ahead of time with a legal instrument called a “power of attorney” (POA).
Attorney Joanne Craighead of Craighead & Martin, PLLC, has nearly four decades of experience supporting clients with the full spectrum of estate planning counsel and advice. She can help you explore the many options you have for creating the right type of POA for your circumstances. If you already have a POA, but your children are grown, you own a different business or you will be traveling for an extended period, she can help you make the necessary updates.
What Purpose Do Power Of Attorney Documents Serve?
Powers of attorney designate an agent, also known as an attorney-in-fact, to manage specific matters for you should you become incapacitated. For example, you can draft a financial power of attorney and name a person you trust to have the legal authority to shepherd your finances, pay your bills, run your professional practice and manage your assets until you recover. POAs are not set in stone. You may update them or revoke the document at any time in your life, provided you have the mental capacity to do so.
POAs can name an agent to manage medical decision-making on your behalf. While a medical power of attorney is a common term in New Hampshire, the state specifically uses the statutory term “advance directive,” which encompasses both the “durable power of attorney for health care” and the “living will.” When properly completed, these legal documents give your designated agent legal authority to be sure that your wishes for health care and end-of-life medical treatment are followed, especially when you cannot communicate them directly to your health care providers.
The Difference Between Durable And Springing Powers Of Attorney
There are many nuances, depending on your wishes, incorporated into POAs. A “durable” power of attorney can take effect immediately and retain legal authority for the rest of your life, even if you become permanently incapacitated.
“Springing” powers of attorney only take effect after a specific triggering event such as a doctor formally declaring that you are incapacitated. Your agent’s legal authority to act in your best interests will spring into action or commence at that point and continue until you die.
Strategic Delegation: Setting Clear Boundaries For Your Agent’s Power
Ms. Craighead can help you tailor your POA to meet your specific legal and financial concerns. Your trusted agent can be empowered to manage a narrow range of tasks on your behalf such as:
- Paying your mortgage
- Managing your assets
- Filing income tax returns
- Signing contracts
You are able to limit their access to your resources by only authorizing them to access specific accounts or limiting their ability to transfer your property. You can include protections for real property or name co-agents who must act cooperatively to prevent misuse of their power.
Preventing Common POA Issues
Common issues include granting too much control, including the wrong scope of authority within your POA or trusting the wrong person. Integrating proper limitations on your authorization, naming co-agents and working with an attorney can all help you avoid these common POA pitfalls.
Get Experienced Support For Your Critical Documents
Thoughtful planning and incorporating the right language into your POA can provide peace of mind in the event of unexpected incapacity. Ms. Craighead offers experienced guidance for creating these important documents. We invite you to schedule an estate planning consultation to discuss your options. Call Craighead & Martin, PLLC, in Manchester at 603-795-7308 or complete our online form.