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Power of Attorney

What is a power of attorney?

A power of attorney can be a great option for individuals that still have capacity and just need to have someone else able to sign contracts and transact business for them. A power of attorney is essentially a contract giving an individual, called the agent or attorney-in-fact, the authority to act as if they were a different individual, called the principal. A power of attorney can give the agent the authority to do nearly anything the principal has the legal authority to do. A power of attorney can also be specifically tailored to only give the agent authority to complete a specific transaction or any level of authority in between. A power of attorney can also be made to last for a set period of time, end when certain conditions are met, or to continue even after the principal loses capacity.

There are two major drawbacks to a power of attorney for protecting an individual with diminishing capacity. First, the principal must have the capacity to sign a contract at the time they execute the power of attorney for it to be valid. Second, the principal retains all of the legal authority they had before signing the power of attorney. This can be a problem if, for example, the principal needs to be placed in a memory care facility, but is unwilling to remain there. In this situation, the agent would have the authority to place the principal at the facility and consent to that arrangement, but the principal would retain the authority to sign himself or herself out of the facility at any time.

Our rate for a simple power of attorney is $150.