Twenty-Something And Loving Every Moment of It

Welcome to adulthood....at 18, (though you can not drink) you are no longer a child. I met with clients recently in their 30s and we discussed how when we first drank coffee we thought, "Now I am a real adult." Today, with Starbucks and everything else, the coffee drinking age is so much younger. In any event, the discussion today is when should you get your Powers of Attorney done. When you are 18, into your twenty-something and beyond, you should have these documents executed. If you should become incapacitated, (car accident, serious sports injury, some traumatic event), you need someone to take care of your financial affairs and health issues. Your medical information is private and you must designate who may have access to your medical information and confer with doctors. I know you are twenty-something and loving every moment of it, but take the time to cover yourself for the unexpected so you can get right back on track loving your 30s, 40s, and beyond. This is what you should know about Powers of Attorney. More and more people understand the importance of the power of attorney but have questions about the formalities. They ask does your agent sign the power of attorney when you do? If not, when does the agent sign? Does the agent have to sign before a notary? How do I take the authority away from the agent? These are all good questions and the responses follow: When does an agent sign the power of attorney? The agent does not have to sign at the time that you sign your power of attorney. The agent's signature does not have to be notarized only the maker. In fact, since you only intend for your agent to use the power of attorney when you are incapacitated, then it is at that time that the agent signs and dates the power of attorney. How do you revoke an agent's authority? You should maintain your original powers of attorney. If you no longer want a person to serve as your agent then the powers of attorneys should be destroyed and new ones entered into. If your agent has an original power of attorney, then you must get it back and destroy it. Otherwise, you have to notify any one who may rely on the power of attorney that you have revoked your agent's authority. ALWAYS appoint someone whom you trust. Springing Power of Attorney There is another type of power of attorney referred to as a Springing Power of Attorney. It can only be used if a doctor has certified your incapacity and such certification must be attached to the power of attorney for it to be effective. The Springing Power of Attorney is revoked once your regain capacity. Contact us at http://www.ythlaw.com/ for estate planning, probate and elder law needs.