What Is A Power Of Attorney?

What Is a Power of Attorney and Can It Expire?

On January 1, 2017, the State of Washington implemented new laws concerning many different types of Powers of Attorney and specific directions that can be added or limited. If you do not have a Power of Attorney, your timing is good because now would be a great time to get it done along with all of your necessary estate planning documents such as a medical power of attorney, Will, Trust, health care documents, Directive to Physician and other related items: such as double checking the beneficiaries designated for your retirement plan or life insurance.

What Decisions Can a Power of Attorney Cover?

Power of attorney (POA) is a document that allows someone else to make legally binding decisions for you. These decisions could be financial, medical, or legal decisions that impact you or loved ones.

When Does the Authority Begin?

Powers of Attorney can be effective the day you sign it or the authority can start (and stop) at a later time.

Springing power of attorney means there are conditions under which the power of attorney is put into action. They might be under certain medical conditions, or if you are no longer legally considered capable of making your own decisions. You could even stipulate that it goes into effect at a certain age; it’s up to you.

What Does Durable Power of Attorney Mean?

Durable power of attorney means that the grant of authority continues to be valid if you lose the mental ability to manage your assets.

When Does a Power of Attorney End?

Powers of attorney expire upon a person’s death. So, having only a Power of Attorney is typically not a complete solution but a power of attorney does not help your loved ones transfer assets after you die.

Reviewing Your Documents

You can also have these documents revoked at any time and draw up new ones if you so choose and are still legally considered of sound mind. This might include changing the terms to address a new health issue or changing who can act as your POA.

But if you never change anything and it’s decades old before anyone needs to use it, if properly executed, your POA will be valid for all legal matters until that person has passed away.

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