If you should become incapacitated and a Power Of Attorney has been appointed, there won't be a lapse in your ability to control your finances or legal matters, as the agent will be able to act on your behalf. If you become incapacitated without a Power Of Attorney, no one can legally handle your financial affairs.
In order to name one, you're going to need to work with a lawyer or an online legal service. This worksheet can prepare you for the conversations and decisions you’re going to have to make. To learn more about naming a Power Of Attorney, click here.
- Choose the person you’d like to serve as your Power Of Attorney
- In case I become unable to handle my own financial and legal affaris on my own, the person I would like to handle my financial and legal affairs on my behalf is ______________________________________.
- If this person is unable to serve as Power Of Attorney, I would like my back-up (“successor”) Power Of Attorney to be ______________________________________.
- Decide when you’d like your Power Of Attorney to begin: I would like my power of attorney to go into effect
- Immediately upon signing
- At a specific date or event, such as a declaration of my incompetence
- Decide when you’d like your Power Of Attorney to end: I would like my power of attorney to remain in effect until
- I am declared incompetent
- I die
If you chose “Immediately upon signing” and “I am declared incompetent” you’ll be creating a Non-Durable Power of Attorney.
If you chose “Immediately upon signing” and “I die” you’ll be creating a Durable Power of Attorney.
If you chose “At a specific date or event, such as a declaration of my incompetence” and “I die” you’ll be creating a Springing Power of Attorney.