When you establish an estate plan, you may want to consider giving someone you trust power of attorney (POA) over your finances or medical needs. This can provide you with peace of mind that the right person will make decisions for you if you become incapacitated. However, you might put your faith in someone you thought you could trust, but decide to revoke POA later on. A Missouri estate planning lawyer can help with that.
What Is Power of Attorney?
When you decide that it’s time to put together a sound estate plan for your family’s future or modify an existing plan after a divorce, marriage, or birth, it’s understandable to want to provide yourself and your finances with a little extra security. You might want to plan ahead in case you suffer a debilitating illness that renders you incapable of making sound decisions.
That’s where power of attorney comes into play. This legal safeguard gives someone you trust the power to make decisions for you.
According to the most recent data from the U.S. Census Bureau, the median household income for a family of four in Missouri is nearly $106,000. That is a high income for many people, and it is more than enough to consider establishing an estate plan and power of attorney. If you are having trouble preparing your family for what’s to come, you may want to consider reaching out to a local grief support group, such as GriefShare. They can help prepare your family to grieve.
You may grant someone power of attorney on a whim when you make your estate plan, not thinking about the wider ramifications of such power over your finances and/or medical needs. Typically, power of attorney only comes into play if something happens to you and someone needs to step in for you to make important decisions. There are several different kinds of power of attorney that can be granted in Missouri, such as:
- General POA: A general power of attorney grants near total authority to the person in question to handle a significant range of legal and financial situations.
- Specific POA: A specific power of attorney limits the person’s authority to only certain situations or transactions, such as managing a property sale or safeguarding a bank account.
- Durable POA: A durable power of attorney stays effective after the principal, which would be you, is rendered incapacitated and can no longer make their own financial decisions. This form of POA is vital for long-term planning and making sure that your wishes are carried out. If someone betrays your durable POA when you are no longer of sound mind, there may be little you can do about it.
Revoking Power of Attorney
There are many reasons why you may want to revoke the power of attorney. You may want to retain complete control over your financial future. The intended person may have become incapacitated, or you may no longer trust that person to uphold your wishes. Regardless, you can revoke power of attorney at your own discretion, though the process may be challenging without legal guidance. Here are some of the steps in that process:
- The process starts with notifying the intended person that you are revoking power of attorney. Make this notification in writing and state your intentions clearly. You should also notify any financial institutions, healthcare providers, or insurance companies involved in your dealings. They need to know what’s happening, too.
- Be sure to file a revocation notice with your County Probate Office. This ensures that your revocation is formally recognized and that you are legally protected in case the person tries to fight back. Throughout the process, you should consider consulting a family lawyer. Be sure to update your records once everything is finalized.
FAQs
Q: Why Would I Need to Give Someone Power of Attorney?
A: There are many different reasons why you may want to give someone power of attorney over your financial or medical needs. If something happens to you, it might be important for your peace of mind to have somebody ready to handle things in your stead. The last thing you want is for the court to make decisions about your life or death that are not in your interests or in accordance with your wishes. Establishing power of attorney can prevent that.
Q: What Decisions Can’t Be Made Through Power of Attorney?
A: While someone with power of attorney can make many different decisions about your finances and medical needs, there are certain things they legally cannot do. They can’t do anything to modify an existing last will and testament or make any decisions about your estate after you have passed away, and they must always act in the interest of the principal (you). You may want to ask your lawyer about any other restrictions that may apply to your case.
Q: Who Should I Choose to Have Power of Attorney?
A: That’s entirely up to you. When you grant someone power of attorney, you are potentially giving them broad power to make decisions in your name. It should be someone you trust not to betray that power. This person should be someone reasonable, respectful, fair-minded, and professional. It should also be someone you know quite well or have known for a long time. Never give that power to a stranger or a recent acquaintance.
Q: Should I Hire a Lawyer to Help Establish Power of Attorney?
A: Yes, you should consider hiring a lawyer to help you establish power of attorney. It can be a rigorous process with multiple moving parts, and the last thing you want is to miss a crucial step and find out your power of attorney was filed incorrectly or deemed invalid. A good lawyer can make sure everything is done correctly and that the right person has power of attorney.
Reach Out to a Family Lawyer Soon
Revoking a power of attorney is a big decision to make, but it may be vital depending on your situation. You don’t want to end up medically incapacitated while someone you no longer trust is able to make decisions on your behalf. A good lawyer can help you work through the process of removing power of attorney from your designator.
At Stange Law Firm, we can help you with your estate planning needs, including establishing and/or revoking power of attorney. Contact us to speak to someone about your case.
