Understanding Power of Attorney
Hi, I’m Tulsa attorney Palmer Johnson and welcome to my video series where I address frequently asked questions I get from clients related to some of the work that I do in adult guardianships and estate planning. And something that comes up is what is a power of attorney or what some people will call a POA for short. So a power of attorney is exactly what it sounds like. It is a document where someone can sign over to another person the right to make decisions for them. And the document itself will delineate specifically what those powers are, how far-reaching they are and the conditions or events that need to take place that would give that power of attorney effect.
Some might take effect immediately. Some might only take effect in the event of incapacity or infirmary. That’s the more common scenario. Someone executes this as part of an estate plan and says if I’m unable to make decisions on my behalf related to my medical care or the payment of my bills or management of my property, I am nominating this person. So it’s a very smart thing to think about to pick someone that you trust. Oftentimes parties will nominate themselves back and forth. A spouse will nominate their spouse and this spouse will nominate that spouse in the event. And then there’ll be a hierarchy in the event that they’re unable to serve who would serve.
Benefits of Having a Power of Attorney
It is simply, it’s essentially an attempt to prevent someone from needing to potentially obtain guardianship over you in the event of your temporary or permanent incapacity and allow for them to make decisions and things that will happen oftentimes quite quickly and would create a situation where you’d need to get an emergency guardianship. So it’s a smart thing to consider executing, especially as you get older and you’re more likely to have potential health care problems or events that could leave you temporarily incapacitated.
Consultation for Estate Planning
If you need some advice on estate planning or potentially nominating a power of attorney, please contact attorney Palmer Johnson at Moms.Law at 918-770-7117 and I’d be happy to talk to you about your individual needs and your individual estate plan.