Power of Attorney Philadelphia

You may already have a Will put in place in order to ensure that your assets are distributed to your chosen heirs as efficiently as possible in the event that you pass away. But have you given further thought to what happens if you become so incapacitated you can no longer handle your financial and medical affairs before the time of your passing?

Many individuals would rather not leave their finances to chance. Whether because of incapacity due to injury or sickness, or because an individual is unable to be present during issues of financial matters, many would rather rest assured knowing that someone they trust is taking care of their bills, and making beneficial decisions on their behalf. A Power of Attorney provides an agent to make decisions on the principals’ behalf if the principal is unable to do so themselves. This may be limited to certain business aspects, but it can also be designed to extend to matters of healthcare. Regardless of the scope of the document, the agent always has a duty to act in the best interests of the principal. At The Law Offices of Greg Prosmushkin, P.C., we make sure your finances are well taken care of by helping you, the principal, establish a Power of Attorney.

Requirements

Given the degree of power that such documents hold over crucial aspects of your life, it is essential that you, the principal, select someone you can trust to serve as your agent. Anyone can serve as an agent, from a spouse, to an adult child or a good friend. No matter who you choose, just be sure that you are confident they will act in your best interest.

The principal must have the requisite mental capacity at the time of the documentation of Power of Attorney. This means that this individual is in a sound state of mind, and not stricken by a mind-altering illness. Such incapacity would invalidate the document.

An important underlying matter to explain when discussing Power of Attorney is the notion of “durability.” A durable Power of Attorney exists to enable the agent to act on behalf of the principal even after his or her capacity to act for his or herself is lost. This way the agent can act on the principal’s behalf until death.

Philadelphia Power of Attorney

There are several different types of Powers of Attorney. These include:

• Durable Power of Attorney: Under Pennsylvania law, all powers of attorney are presumed durable unless the documentation specifically states otherwise. Durable powers of attorney remain effective even in the situation where the principal becomes incapacitated, allowing for the agent to carry out their duties.
• Springing Power of Attorney: This type of Power of Attorney is different than a durable power attorney in regards to its effective date. Rather than going to effect at the time of signing, springing powers of attorney immediately go into effect once the principal is unable to make decisions for themselves. These forms of documentation are dormant until incapacity makes them so to speak “spring” to life.
• Limited Power of Attorney: This type of documentation is created for specific purpose. A good example would be if you are selling a property, and want to designate a family member or trustworthy friend to sign the papers on your behalf. This type of Power of Attorney holds its authority to a specific situation, and does not continue in the event that the principal becomes incapacitated.

Why Do I Need an Attorney?

While the basic concept of Power of Attorney is quite simple, the execution of this documentation can, in practice, become quite complicated. Your specific needs and requirements need to be reflected in a detailed and drawn out document. With the help of an experienced lawyer, you can be confident in the details surrounding your POA and that this document is suitably tailored to your best interests.

This content was written on behalf of Greg Prosmushkin.