POWER OF ATTORNEY
What is a power of attorney?
Limited, General, Durable and Springing Powers of Attorney in Tennessee
A Power of Attorney is a legal document that grants an individual (called the Attorney-In-Fact or the Agent-In-Fact) the ability to make decisions on your behalf. It allows you to choose now, while the ability is still in your hands, to determine who you would like to make important decisions for you, what decisions you would like for others to make and decide when those decision-making powers take effect. A properly drafted and personalized power of attorney is a powerful tool in the estate planning toolbox.
There are various types of powers of attorney. A power of attorney has certain legal requirements and can be simple or quite complicated, depending on your needs.
Limited Power of Attorney: A power of attorney can be limited, and can give someone else the power to act of your behalf for limited purposes.
General Power of Attorney: A power of attorney can be general and give a person broad powers to act on your behalf.
Durable Power of Attorney: Further, a durable power of attorney can be general or limited but remains in effect after you become incapacitated. The types of "do it yourself" power of attorney documents that you find online are often general and durable. They are not catered to your personal requests and often do not include the necessary legal language necessary to properly plan for your future, especially for elder law planning.
Springing Power of Attorney: A springing power of attorney allows your Attorney-In-Fact to act on your behalf if you become incapacitated and are no longer able to make decisions for yourself. This type of power of attorney is often chosen by those who wish to make all of their decisions on their own while they are able to, but want to plan for their future in the event of incapacity. If you are drafting a springing power of attorney, it is important that the criteria for determining your incapacity which triggers the power is properly laid out in the document.
A carefully prepared power of attorney will often eliminate the time-consuming and more expensive process of conservatorship should you become incapacitated. A power of attorney will significantly help your loved ones manage your affairs without undue burden and stress in the event you are unable to do so. Silva Law is happy to draft customized, personalized and powerful power of attorney documents catered to your needs. Contact us today at 615-258-5541 or meredith@msilvalaw.com