Power of Attorney Services in Delaware
What is a Power of Attorney?
A power of attorney or "POA" is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter. A POA can delegate full authority over a broad range of areas. Or it can be particular – limited to only a few activities and a narrow scope. A "general power of attorney" permits the agent authority over legal and financial matters. In contrast, a "limited power of attorney" is restricted and only applicable to a specific transaction such as empowering an agent to handle a real estate deal or to pay your bills for you for a limited time while you're out of the country. A "springing power" of attorney "springs" into effect when one becomes incapacitated and can no longer act on their own behalf.
Is My Power of Attorney Effective?
Some people believe that all power of attorney documents have a "one size fits all" mentality. This misconception that all powers of attorney are uniform can result in a costly experience when it comes time to exercise the power of that document. In some cases, for example, when the principal that granted the power is incapacitated, it can lead to a loved one being unable to access a necessary bank account. When a POA does not grant all of the necessary powers to the agent, it can lead to the need for a guardianship to be named, which can cost thousands of dollars in legal fees.
Do I Need My Power of Attorney Revised?
If this thought has crossed your mind, then it is probably worth taking the time to have your document reviewed. Having your power of attorney evaluated by a Certified Expert in Elder Law Attorney is beneficial to keeping records updated correctly. Most people want to be assured that their power of attorney document is adequate in meeting all their potential needs if they are unable to act for themselves. Since needs change over our lifetime, periodical revisions are necessary for your power of attorney document.
Circumstances that may bring one's self to consider having their power of attorney document modified are:
- if your current POA is 10 years old or more due to recent law changes
- moving from another state
- having health issues
- losing a loved one that was your named or backup power of attorney
- family dynamics evolving
- changes in the law
If you have experienced any of these significant changes, contact our office to execute a durable power of attorney tailored to your needs by our own Certified Expert Elder Law Attorney, Bill Erhart.