When you are granting someone else to act on your behalf, we will speak in terms of how this applies to elder law and how it can help your family deal with the various issues you can encounter in your aging years.
WHY USE THIS TOOL?
The scope and the legal language an Indianapolis Elder Law Attorney is what matters in executing decisions upon your or your family’s behalf.
In the scope of Elder Law, we will look at the parties involved such as the principle (the person who grants the authority to make decisions for him/herself) and the agent (the person who receives such powers). Let’s reveal where you would use a Power of Attorney and when its best to look at each person that is on the giving and receiving end.
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FINANCIAL VS MEDICAL VS GENERAL
There are numerous ways to use a POA but we will cover the most common used in Indiana:
DURABLE: In the case of a principle’s inability to make medical or mental decisions on their own, the agent would use this type for decisions related to medical treatment and care of the principle.
FINANCIAL: This type is used for a specific period of time and usually for a narrow purpose. For example, a spouse closing on a real estate transaction can use a limited power of attorney to sign for their other spouse for a closing. Executing a living will or trust could be an option. If the type of POA is used for any Indiana state tax matters, you must use the proper POA-1 form that is submitted to the Department of Revenue. This will authorize the agent to be able to speak to government employees about the principle’s taxes.
THE CRITERIA TO USE
In order to be fully enforceable, the following criteria needs to be met:
LOOKING AT WHY, WHERE AND HOW A POA MAKES IT LEGAL
As power of attorney documents have serious implications on where and how they will be executed, you need to create such powers in the terms of your broader estate plan.
Our Indianapolis Elder Law Attorneys Create POAs Everyday. Know How It Works For You.
Our attorneys know that having tools such as Power Of Attorney can be confusing and need to be handled with care. The attorneys at Jeff Jinks Law will provide you with the instructions to create your plan.
To discuss your Powers of Attorney needs, please contact an Indiana elder law attorney from our firm today!
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