Examples of Power of Attorneys Being Useful
From Our “Ask a Question” Mailbag: “Can you provide examples of Power of Attorneys Being Useful?”
Peter Klenk, Power of Attorney Lawyer.
A General, Durable Power of Attorney is an essential part of every estate plan. This article assumes you know some basics about Powers of Attorney. If you are not, or would like a refresher, follow this link for information about Powers of Attorney: Article Power of Attorney Lawyer Philadelphia.
Examples of Power of Attorneys Being Useful:
Dementia, Alzheimer’s, or other debilitating diseases.
- Mr. and Mrs. Philadelphia own a home in Center City, Philadelphia. Mr. Philadelphia has been diagnosed with Dementia. He is still able to manage his money but recognizes that in time he will lose this ability. Mr. Philadelphia has us draft a Durable General Power of Attorney naming his wife as “Agent.” His two children are named Successor Agents. As time passes, his disease progresses, so he no longer is competent. Mrs. Philadelphia wants to move them into a retirement community. She lists the house for sale using her name and, on Mr. Philadelphia’s behalf, the Power of Attorney. The house sells and at the closing Mrs. Philadelphia signs for herself and Mr. Philadelphia, using the Power of Attorney. Without the Power of Attorney, Mrs. Philadelphia could not sell the house.
Temporary “Special” Powers of Attorney.
- Mr. Doylestown put his home up for sale, signed a purchase agreement, and the closing date has been set. Unfortunately, his mother in Florida broke her hip, and he had to travel to provide her care. He is unable to come back to Pennsylvania for the closing. Mr. Doylestown had us draft a Special Power of Attorney giving his nephew, Norristown, the right to sign the closing day paperwork. The Power of Attorney gives Norristown no other powers. Norristown was then able to attend the closing. As a result of having the Special Power of Attorney, Norristown had the power to sign all the necessary paperwork. Consequently, the house sold just as if Mr. Doylestown had been present.
Co-Agents.
- Mr. and Mrs. Camden are getting older and are having trouble managing their bank accounts. Bills are being paid late, and they are concerned that they may misplace funds. The Camden’s have two children, Lindenwold and Audubon. The children work well together, and they do not wish to cause conflict between the children by picking one over the other. We draft a General Durable Power of Attorney for both Mr. and Mrs. Camden naming both Lindenwold and Audobon co-Agents. The children must sign all documents, but they can do so at different times and different places. Lindenwold and Audobon take over responsibility for writing checks and provide their parents with regular summaries.
Conclusion: Power of Attorneys Being Useful.
I hope you enjoyed this article providing Examples of Power of Attorneys Being Useful. We are always happy to brainstorm with you about your own, unique situation. Finally, for more, follow this link: Power of Attorney Lawyer.
Let our Power of Attorney Lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our Estate Planning Attorneys. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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