In Fargo, North Dakota, "power of attorney" refers to a number of different legal arrangements. However, the different 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 certain 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 usually 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.
One very common reason for granting power of attorney is that the grantor believes that they might become incapacitated, due to age or illness, in the fairly near future, and they want to make sure that their preferences relating to care at the end of their life are followed. Of course, if nobody knows what that person's preferences are, and the patient is unable to express them, family members and doctors will simply have to guess. Obviously, there's a good chance that they could get it wrong. Therefore, you should make your desires well-known to those who will be in a position to implement it, and grant, in writing, a person you trust (such as a spouse, life partner, sibling, or adult child) the authority to carry out your wishes, if necessary.
Generally, you can find forms in Fargo, North Dakota that let you quickly draft a power of attorney document. However, if a large amount of money is at stake, or you wish to grant very particular and limited powers, you should probably consult with a lawyer beforehand.
Types of Power of Attorney Arrangements in Fargo, North Dakota
Power of attorney in Fargo, North Dakota takes 3 main forms. Which one is appropriate for you depends on your individual 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 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 lets an attorney-in-fact make decisions in a certain, defined area of the principal's affairs. Durable power of attorney doesn't automatically disappear, and can last indefinitely, or until the principal revokes it. This can be very useful, because it allows the attorney-in-fact to make critical decisions for the principal, but allows the principal to revoke the power if they regain the capacity to make their own decisions.
3. Springing power of attorney - this is a lot like durable power of attorney, but it does not usually take effect immediately. Rather, the power vests on the occurrence of certain condition(s) laid out by the principal. The principal could make the condition anything he or she wants, allowing power of attorney to vest only if, say, a person flies to Saturn. Of course, these arrangements are usually not so outlandish. Usually the event that must take place is the principal becoming incapacitated. This allows the principal to make his or her own decisions while they're able, but also ensures that someone they trust will be able to carry out their wishes in the event that they become too sick or weak to express them.
Can a Fargo, North Dakota Lawyer Help?
While setting up power of attorney in Fargo, North Dakota 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.