What is a Power of Attorney?

Estate planning requires us to consider difficult subjects, such as our final days. And while many of us may understand the importance of drafting a strong will and naming our beneficiaries for when we pass on, fewer of us think about the possibility that we may need to name someone to make important legal decisions for our estates while we’re still alive.

If we ever become too sick or injured to make decisions for ourselves–from Alzheimer’s or a brain injury, for example–conflict may arise. Family members may fight amongst themselves over what is the right path of medical treatment for you. And the court may appoint someone to make financial decisions for your estate.

If you grant an individual or an institution with a durable power of attorney, they will be able to make these legal decisions for you when you are unable to. Bound to serve in the best interests of you, your estate, and its beneficiaries, your POA agent can better protect you and yours from conflict or the courts.

What Are the Requirements?

You may grant powers of attorney to another party if you are 18 years of age or older and are mentally competent in the eyes of the law. The document must be signed and dated, provide the names and addresses of both the agent and yourself, and be officially notarized. The document must have clear definitions of the agent’s powers and how those powers could be revoked.

A witness is not required for the signing but could provide further authentication. Additionally, a lawyer is not required but could help in making sure that the documents are valid and not full of holes.