Power of attorney in Iron Mountain, Michigan allows one person to make certain decisions for another, under certain conditions. There are different reasons why one might grant power of attorney. However, most of them revolve around the possible incapacitation of the person authorizing the power - so that their wishes can be carried out even if they become unable to express them.
The principal can state in advance the scope and nature of the attorney-in-fact's authority. The agreement should be very clear on this matter, so you give the attorney-in-fact enough power to carry out your instructions, but not more than they need in order to accomplish your objectives. Furthermore, the attorney-in-fact should be someone you trust, such as a family member or life partner. You also need to be cognizant of the fact that your distinct situation, as well as the actions you want the attorney to be able to take on your behalf, will help decide the most effective arrangement.
For instance, if you have very particular wishes concerning end-of-life care, you should, of course, make them clear to the person who will be acting on your behalf, and make sure they are ready to carry them out. You should then grant them power of attorney, with the scope limited to certain healthcare and financial decisions. That way, if you become incapacitated, your loved one will be able to carry out your wishes, even if you are unable to express them.
In Iron Mountain, Michigan, you can likely find pre-printed forms at office supply stores available for purchase. They already have the basic terms of a power-of-attorney agreement written, and just need the parties to fill in the blanks with names, dates, and a few other details.
Types of Power of Attorney Arrangements in Iron Mountain, Michigan
In Iron Mountain, Michigan, power of attorney can take three basic forms. They are as follows:
1. Limited power of attorney - this lets the attorney-in-fact exercise limited authority in a single transaction. It is useful, for instance, if someone is buying property in another state, and the deal is nearly complete, but a few documents need to be signed. The buyer could give a resident of that state power of attorney, allowing him or her to complete the transaction on the buyer's behalf. Conveniently, the power automatically terminates when the transaction is complete.
2. Durable power of attorney - this gives the attorney in fact the power to make decisions on a general area of the principal's affairs (for instance, the authority to access the principal's assets to pay the principal's debts, or the power to make healthcare decisions on behalf of the principal). Unlike limited power of attorney, durable power of attorney does not expire unless the principal revokes it. This is useful, because it allows the attorney-in-fact to make important decisions for the principal if the principal becomes incapacitated.
3. Springing power of attorney - this is a form of power of attorney which doesn't actually take effect until the occurrence of some specified event. This event can be anything, but it is frequently the principal becoming disabled. You should be aware, though, that it is not always clear what "disabled" means in such an agreement, which can result in disagreements, resulting in litigation.
Can a Iron Mountain, Michigan Lawyer Help?
While setting up power of attorney in Iron Mountain, Michigan can be simple, there are some situations in which it will inevitably be convoluted. In such cases, the process will be much easier if you have a reputable attorney to help you along the way.