Quick Guide to Power of Attorney

May 25, 2022 in Uncategorized | MARTIN WREN, P.C. | LEAVE A COMMENT

Powers of Attorney

Power of attorney designation indicates who will be permitted to handle an individual’s healthcare, finance, business, and/or general decisions in the event that they become incapacitated. Power of attorney is not only useful in the event of incapacitation. For instance, permissible actions for someone granted power of attorney may be limited to specific actions or activities, such as buying or selling real property.

A Power of Attorney is a commonly implemented estate planning tool across the United States, and is acceptable in all states. Although the rules and laws vary slightly by the locality of the person who is initiating the process. Those who are participating in life planning practices, such as designating a power of attorney, should consider consulting with an estate planning attorney who is licensed and experienced in the state in which they primarily reside. 

Commonly referred to as the agent or attorney-in-fact, is the person that is designated as having power of attorney. Power of attorney is a useful and versatile tool for those who are planning for the future and wish to take into consideration all possible scenarios that could present themselves. 

Common reasons for designating a power of attorney:

  • Power of attorney can be useful for those who are normally functional, but for various reasons want or need to designate an agent with power of attorney. For example, if buying or selling real estate, but are unable to be present to complete the deal, the designated agent can be utilized to complete the transaction.
  • “Springing” Power of attorney is also a useful tool for those who are planning for all potential outcomes, such as future incapacitation that renders them unable to manage their healthcare, finance, business, and/or general decisions. It can even be specified to take effect in the event of certain scenarios such as incapacitation or other specific events.
  • When you designate an agent who has power of attorney, you effectively avoid the possibility of that person being appointed by another party, such as a court in the form of guardians, conservators, or committees. 

Designating an Agent

The agent designation is usually given to spouses, children, close relatives, and other people who are close and trusted. There may also be more than one agent, as co-agents. If a situation ever arises that the power of attorney is needed, it is essential that you are confident that the agent(s) selected will make decisions that are in your best interests, and the best interests of your family. 

 

 

Contact Our Virginia Lawyers

We serve clients throughout Virginia — from Charlottesville and Central Virginia to metropolitan Richmond; Harrisonburg and the Shenandoah Valley to Roanoke; and the cities of Hampton Roads to the Northern Virginia cities of  Fairfax, Alexandria and Arlington.

To speak with one of our attorneys, please call us at (434) 817-3100.

Our Virginia personal injury lawyers at MartinWren, P.C. have a statewide practice and offer free consultations at a time and location that is convenient for you.  We will gladly meet with you at your home or at the hospital, even on nights and weekends.

SEND US A MESSAGE

Disclaimer: Using this contact form or any page of MartinWren, P.C.’s website does not establish an attorney-client relationship.  Please do not submit any confidential, privileged, or other protected information until and unless you have completed a private consultation with a MartinWren, P.C. attorney, the attorney has informed you that no conflict of interest exists, and the attorney notifies you that the firm can take your case. By completing this form you agree that we can follow up with you by phone, email, or by text messaging.

    *Please enter your initials to acknowledge that you have read and understood the Disclaimer above:

    To schedule a free consultation with a personal injury lawyer, please call us at (434) 817-3100.

    latest firm news