At it’s very core, power of attorney means you are granting someone else to act on your behalf. We will discuss this tool in the scope of estate planning.
USING POWER OF ATTORNEY
How a Power Of Attorney creates it’s power largely is from the type of document it is and what the specific details state.
In the scope of Estate Planning, 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 uncover 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 this type of instrument 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 in the event they can’t attend the closing.
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:
HOW WE APPROACH POWER OF ATTORNEY IN INDIANA
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.
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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 schedule an evaluation of the use of Powers of Attorney, please contact an Indiana estate planning attorney from our firm today!
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