Power of Attorney: Context and Varying Roles

We like to think we will always be capable of living the lives we have now, but our circumstances will inevitably change. This is why it’s essential to think ahead about what could happen if you need someone to make crucial decisions on your behalf if you can’t make them yourself for some reason. That’s where power of attorney comes in. 

Power of Attorney

A general power of attorney is a legal document that gives a person or an organization broad powers to act on your behalf. This can include financial and business transactions, making gifts, running a business and making decisions, settling claims, buying life insurance, and more. A durable power of attorney provides the agent with legal staying power regardless of the situation.

If the worst happens and you become physically or mentally incapacitated, a power of attorney ensures your affairs will be managed. 

There’s also special power of attorney, which means you can specify exactly how you want this person to act on your behalf instead of giving them broad control. Sometimes these are called a limited power of attorney.

A healthcare power of attorney gives your agent the right to make medical decisions for you if you’re not capable. 

Any of these powers of attorney can be revoked or changed as long as the person updating them is mentally competent.

At Terrazas Henkel P.C., our experienced attorneys want to help you feel secure in your future and your family’s future. Start planning ahead and set up an appointment with us today by calling 406-541-2550.