Powers of Attorney
A power of attorney (POA) is a document that grants powers over a
person’s affairs to another, without taking them away from the
grantor. This can be “limited” to certain areas or specific
transactions or time periods. Or, it can be “general” and
cover
everything.
Pros
- It
can be very convenient to have a substitute person with authority to
sign in place, for illnesses, setbacks, or even just vacation.
- May obviate the need to pursue a costly and time-consuming
formal guardianship.
Cons
- Possibility of abuse. The more power granted
under a POA, the more trust you place in your designated
attorney-in-fact.
- Care
must be taken to keep track of who has been given original power of
attorney documents. If the designee is changed, then previous
designees must be given notice that their powers have been revoked.
Otherwise, they could still use the old power of attorney in
good
faith.
- Burkhart and Burkhart maintains a detailed and
comprehensive inventory of all the original estate planning documents
we have in our secured files, and we make a record each time an
original document is distributed.
Did you know?
- A
power of attorney may be written to be effective immediately, or upon
the occurrence of a condition (a “springing” POA). Usually
the
condition is the incapacity of the person.
- A “durable” power of
attorney means that a later disability does not invalidate the
powers. The POA “endures” the changed circumstances.
Contact Burkhart and Burkhart
today for advice on how to best utilize a power of attorney.
Contact Us
Phone:
(509) 529-0630
Fax:
(509) 525-0630
Mail:
PO Box 946
Walla Walla, WA 99362
In Person:
6½ N. 2nd Avenue, Suite 200
Walla Walla, WA 99362
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E-Mail:
