Power of Attorney
Agent -in- Fact
A Power of Attorney (POA) is a legal document that delegates someone to manage some or all of an individual's financial matters & medical decisions. Your appointment POA is able to utilize a POA to buy or sell real estate, make investment decisions, complete taxes, conduct banking transactions, and much more. Embrace Journey is bonded and insured, making our organization able to act as Attorney-in-Fact for individual. With Embrace Journey, as Attorney-in-Fact, each individual is given financial freedom knowing their financial & medical needs/decision's will be met with their best interest in mind with our fiduciary services.
When a Power of Attorney is Needed?
Many of us avoid thinking, planning, & creating a Power of Attorney, however, a situation or time will happen when we cannot make important decisions for ourselves. It is important to consider who you want to manage your property, financial, and/or medical affairs if you are unable to due to mental or physical incapacity.
A power of attorney (POA) is a legal document that allows a principal to appoint an agent to act on their behalf. The most common time to establish a POA is when an individual is elderly or faces a serious or long-term health crisis. However, incapacity is not the only reason you might need a POA.
The Designated agent is expected to place the principal’s interests ahead of his or her own, which is why it is important for you and your loved one to pick a trusted individual.
There are multiple types of decisions that the agent can be given the power to make, including the power to:
Make financial decisions
Make Real Estate management
Recommend a Guardian / Conservator
Make healthcare decisions, including the ability to consent to giving, withholding, or stopping medical treatments, services, or diagnostic procedures. (Note: your loved one can also make a separate “health care power of attorney” to give only this power to a specific individual.)
Types of Power of Attorney
Designates an agent the ability to perform almost any action as the principal, i.e., opening financial accounts and managing personal finances. A general power of attorney arrangement is terminated when the principal becomes incapacitated, revokes the power of attorney, or passes away.
Designates an agent specific power limited to a particular area. An example is a power of attorney that grants the agent authority to sell a home or other piece of real estate.
Designates an agent to act on the principal’s behalf and includes
a durable clause that maintains the power of attorney after the principal becomes incapacitated.
Springing durable power of attorney combines both of these elements where someone wants the power of attorney to take effect at a specific time or after the principal becomes incapacitated. Simultaneously, the document creating the power of attorney ensures that once the power springs into effect it will remain so when the person is incapacitated.