In Hendersonville, North Carolina, "power of attorney" refers to a number of different legal arrangements. However, the numerous systems which fall under the umbrella of that term have one thing in common: if somebody grants power of attorney to somebody else, the person with power of attorney is authorized to make given decisions on behalf of the person who granted it. There are many reasons why a person might want to grant this power to another, but it frequently granted in contemplation of the possibility that the grantor might become unable to express his or her wishes due to some form of incapacity.
The principal in a power-of-attorney arrangement is the one who decides the scope of the power that the attorney will be able to wield, and the circumstances under which they can wield it. Generally, you can grant the attorney-in-fact as much or as little decision-making power as you'd like. In every case, however, you should only enter a power-of-attorney arrangement with somebody you trust. The nature of the power you should grant depends heavily on the context, and what your wishes are.
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 operating 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 specific 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.
Occasionally, you can find pre-printed forms in Hendersonville, North Carolina permitting you to easily draft a power of attorney document. In some cases, this may be all you need. These forms already have the basics of such an agreement committed to writing. All you and the other party have to do is fill in the blanks, per the instructions, and possibly have the forms notarized.
Types of Power of Attorney Arrangements in Hendersonville, North Carolina
Power of attorney in Hendersonville, North Carolina takes 3 main forms. Which one is appropriate for you depends on your distinct case. They are:
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 done, but a few documents need to be signed. The buyer could give a resident of that state power of attorney, authorizing 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 much more power than limited power of attorney. It can, in theory, give them unlimited power in a particular area of the principal's affairs. The document should lay out precisely what power the attorney-in-fact will wield. This agreement, when used carefully, can be very useful, authorizing the attorney-in-fact to make important decisions for the principal as long as is necessary, because it does not automatically disappear after a single transaction. Additionally, the principal can revoke the power of attorney at any time.
3. Springing power of attorney - under this arrangement, the attorney-in-fact does not get power of attorney until the happening of some stated event. The specified event is typically the incapacity or disability of the principal, though it can be virtually any event you wish. You should be aware, however, that it is not always clear when the principal has become sufficiently "disabled" for the power of attorney to take effect. This question sometimes has to be decided by a court, which can be costly and time-consuming.
Can a Hendersonville, North Carolina Lawyer Help?
While setting up power of attorney in Hendersonville, North Carolina can be simple, there are some cases in which it will inevitably be convoluted. In such cases, the process will be much easier if you have a reliable attorney to help you along the way.