What does giving someone POA mean?

A power of attorney is a document that gives another person the power to make financial, legal and/or medical decisions on your behalf. In Louisiana, a power of attorney is known as a mandate or procuration.

A power of attorney may be durable, springing or conditional. A durable power of attorney is effective from the moment it is executed and continues to be effective if you become incapacitated. A springing power of attorney only comes into effect when you become incapacitated. Lastly, a conditional power of attorney is one that takes effect after a certain condition is met. For example, if the power of attorney is conditioned upon you becoming disabled, the power of attorney will take effect after two physicians certify that you are disabled.

A power of attorney can also be general or limited. A general power of attorney grants your agent the power to make any of the decisions that you would be able to make on your behalf, whereas a limited power of attorney grants this authority in limited circumstances that you set forth.

When do you need a power of attorney?

There are many situations in which an individual may require or benefit from a power of attorney. Often, a POA is put in place to prepare for the possibility or occurrence of future illness or incapacitation.

Before a military member is deployed, they create a POA to allow their spouse, family member or close friend to make legal and financial decisions on their behalf. Should they experience a medical emergency and become incapacitated, they may assign that person or a different individual POA to make decisions about their medical care.

Others may create a POA in the early stages of a life-threatening illness or onset of Alzheimer’s or dementia. If you suspect you may lose capacity to make legal, financial and medical decisions in the future, creating a POA allows someone to make important decisions. For example, decisions about money, assets and health care.

The benefits of a POA can also be used for matters of convenience rather than necessity. You can grant POA to someone to handle a real estate deal or other personal financial or legal matters.

Do I need a lawyer to designate the POA?

You can execute a power of attorney without the assistance of an attorney. However, it is much more beneficial to seek the counsel of an experienced and knowledgeable estate planning attorney. This will ensure your POA is properly drafted and executed.

Can I change my power of attorney?

Yes. You can revoke a POA at any time. You can also designate a new individual to hold POA over your legal, financial or medical decisions.

Can I grant a POA to more than one agent?

Yes. You may grant POA to more than one agent.  However, the legal document(s) you create should make each agent’s scope of authority clear. It is possible to give more than one agent concurrent or dual powers. This means that they have equal authority to make decision on your behalf.

<p>If you are extending POA to more than one individual, it is crucial to work with an estate planning attorney. This will ensure that the authority granted to each agent is as you intend.

Consult an Experienced Estate Planning Attorney

At Stephenson, Chávarri & Dawson, we are a skilled and experienced team of estate planning attorneys. We help clients create and properly execute POAs. This is especially important prior to military deployments or in the wake of serious health concerns.

Furthermore, we devote our time and expertise to ensure your decisions are in the hands of a trusted individual.  For a complimentary consultation with one of our knowledgeable estate planning attorneys, contact us today at (504) 523-6496.