The elder law attorneys at ElderLawLexington - McClelland & Associates, PLLC, provide a broad range of elder law services and various powers of attorney for people in Lexington and throughout Kentucky. When a person is unable to make decisions or wishes to delegate decisions about healthcare or finances, a power of attorney would be very important.
A power of attorney grants to another person (called the "attorney in fact” or "agent”) the rights or abilities that the grantor would have in the situation described in the power of attorney. A power of attorney can be very broad and general or very specific. You may appoint any trustworthy adult with power of attorney responsibilities. You do not lose decision-making rights when you appoint a representative, you only allow someone to act on your behalf when needed. Power of attorney rights and responsibilities depend on Kentucky state laws and the type of agreement made. ElderLawLexington is committed to helping people and families, while focusing on providing attentive and compassionate legal counsel and navigating you through every step in the legal process while protecting your interests and advocating for your rights.
There are three categories of powers of attorney:
A "durable” power of attorney continues to be in effect even if the beneficiary becomes incapacitated and lasts until death. By having a properly executed durable power of attorney a family member will be able to properly and legally manage matters including financial matters and healthcare power of attorney.
It grants a limited scope of action to the designated agent. Non-durable power of attorney will expire if person becomes incapacitated or incompetent before specific transaction is to occur.
A "springing” power of attorney is a type of durable power of attorney that springs into action if person becomes incapacitated. Then, durable power of attorney becomes effective as person signs document and continues to be effective if person is incapacitated.
Every family situation is different and unique. The elder law attorneys at ElderLawLexington can assist in determining the right type of power of attorney, requirements and specific areas that you desire to delegate in the power of attorney document.
The two most common types of power of attorney involve medical or financial situations. The designated person (agent) acts as your representative in all matters established under a written agreement. A person may authorize another person to pay bills, access bank accounts, handle tax situations or handle financial matters in their name. A medical power of attorney allows a specified person to make medical decisions in cases of mental or physical incapacitation.
Requirements for power of attorney are as follow:
The elder law attorneys at ElderLawLexington will discuss the best power of attorney for your situation and the legal requirements in order to draft and execute a power of attorney document. Our experienced elder law attorneys can assist you in ensuring the document created includes only those specific areas of authority that you wish to delegate in the power of attorney document.
Contact ElderLawLexington - McClelland & Associates, PLLC, at www.ElderLawLexington.com or call (859) 543-0061.