Changing a Power of Attorney
A power of attorney is a legal document where you appoint a trusted individual known as an attorney-in-fact, or agent, to make decisions on your behalf.
It is not necessary to have an attorney as your agent, but it is wise to contact one when it comes to drafting and transferring these legal documents.
There are two types of power of attorneys:
- Attorney in fact is under a power of attorney. This individual is liable for decision making regarding your assets.
- A Power of attorney makes personal health care decisions on your behalf.
These legal documents can be changed at any time. By simply visiting your attorney, you can transfer your legal tools. Essentially, the only condition you must meet to make these changes to your power of attorney is legal competence.
When should you transfer your power of attorney?
- When a life changing event occurs.
- If you lose contact or trust with your designee.
- Your current power of attorney has passed away, become terminally ill, or isn't legally competent any longer.
The entire A Place for Mom article delves deeper into the topic of transferring legal documents. Click here to read it now: https://ow.ly/mFXi30arLfv
Have you recently transferred a power of attorney or attorney in fact? Let us know, leave a comment in the section below.