One of the most impactful life- decisions an individual can make is whether or not to confer upon a trustworthy friend or relative an authority known as power of attorney. Once designated, that person can make crucial decisions concerning your medical care, financial affairs, and business while you are alive. It is wise to feel a sense of intimidation about the prospect of granting such significant control to another. However, the help of an estate lawyer can prove invaluable in terms of demystifying the process and clarifying why it can be so imperative.
Key Facts About Granting Powers of Attorney
Remember, a grant of power of attorney is a legal term of art that means that an individual gives a designated party the right to make certain, enumerated decisions on their behalf in the event of incapacity. Recipients of such a grant will be able to stand in the place of the grantor and ensure that critical business, financial, healthcare or other functions can continue uninterrupted.
Terminating Powers of Attorneys
Anyone considering the benefits of granting power of attorney to a trusted friend, family member or colleague needs to understand the situations in which such a grant will remain active and when it will terminate. Once granted, these powers continue until either the time of the grantor’s death, a prescribed date, or upon the grantor’s incapacity.