What Is a Power of Attorney (POA)?
If you have assets or people that you care about, it is important to plan for any eventuality by creating a power of attorney (POA). This legal document can help ensure that your wishes are carried out should you die or become incapacitated. It gives you the power to make your own decisions in advance before you are physically or mentally unable to do so.
What Can a Power of Attorney Be Authorized to Do?
A power of attorney refers to a legally binding document that grants an individual the authority to act on behalf of another person in specific situations. The types of powers granted can vary based on the type of POA. In general, powers of attorney can cover decisions related to the following:
- Finances
- Investments
- An estate
- Purchases
- A business
- Property
- Assets
- Health care
- Medical emergencies
- Government benefits
- Legal matters
- Tax matters
- Personal or family matters
The power of attorney document must specify what powers the agent is being given and when they are to take effect. A general POA can grant broad powers to the agent on a variety of matters, while a more specific POA – such as medical or legal power of attorney – will only grant the authority to make certain types of decisions.
What Is a Durable Power of Attorney?
There are durable and non-durable powers of attorney in Missouri. The difference between the two is whether the document will continue taking effect should you become incapacitated. A durable POA – the most common type – allows your chosen agent to continue acting on your behalf if something incapacitates you, such as a sudden accident or medical event, while a non-durable POA does not. With a non-durable POA, only a court-appointed guardian or representative can make decisions for you during periods of incapacitation.
Limited (Special) vs. Springing POA
Another distinction between POAs is limited (special) power of attorney vs. springing power of attorney. A limited POA is only valid for the duration of a specific event or purpose. Once this purpose has been accomplished, the POA expires. A springing POA, on the other hand, “springs up” and takes effect if a specified event or medical condition arises and lasts until the document specifies or until you (the principal) die or become incapacitated.
When Does a Power of Attorney End?
As the person making the power of attorney, it is up to you when the POA ends. You can choose a specific end date to include in the document or state that the agent’s decision-making capability will terminate once the purpose of the POA has been accomplished. If your POA is not durable, it will automatically end if you become incapacitated. You also have the power to revoke a power of attorney at any time, as long as you are mentally competent.
How to Make a Power of Attorney in Missouri
To create a power of attorney in Missouri, you must be of sound mind. You must be able to demonstrate the required mental capacity for creating this document. If you wish to create a durable power of attorney, you will need to sign your POA paperwork in the presence of a notary public for it to be legally valid.
While you can make a power of attorney on your own, it is wise to involve a power of attorney lawyer to ensure that your document will hold up in court. You don’t want to waste time planning only to have your POA ruled as unenforceable should you become incapacitated or die. An experienced St. Louis estate planning attorney can ensure that your document stands up to scrutiny.