Power of Attorney Lawyers in Ypsilanti, Michigan
The future is full of many surprises that none of us can foresee today. Therefore, it is important to be prepared. A power of attorney is one of the many components of a comprehensive estate plan. Sometimes, a power of attorney is needed for foreseeable events. Whatever your situation may be, it is important that you speak with an experienced legal team to discuss your options and ensure that you are prepared for anything that lies ahead. To discuss your situation with one of our experienced attorneys, contact Collis & Griffor today.
What is a Power of Attorney?
If you have become incapacitated or are simply too busy to handle matters of your own, a power of attorney can be of great help. This is a legal document that grants power to a trusted individual. This person is referred to as the “agent” and they are given the authority to act on your behalf. When choosing an agent, be sure to pick someone who you trust enough to handle your affairs. Agents are often family members, friends, or even a business entity. A power of attorney can handle a variety of matters, including handling finances, making health decisions, signing off on real estate or business matters, and more. Therefore, it is crucial to only choose an agent that can be completely trusted, as they may have access to some of your greatest assets.
Types of Power of Attorneys
In the state of Michigan, there are several options to consider when drafting a power of attorney. First, you must determine whether you need the power of attorney to be general or specific. A general power of attorney gives the agent all of the same authority that you, the principal, have yourself. The agent can buy and sell your personal property, take part in real estate transactions, handle all financial matters, enter into contracts, and more. Of course, this is quite a bit of power to give to another person. A specific power of attorney simply allows the agent to conduct only the matters that you declare in the document. So, for example, if a couple is trying to purchase a home but one spouse cannot be at the closing, a specific power of attorney can allow the spouse in attendance to sign on behalf of both parties. In addition to choosing whether you need a general or specific power of attorney, there are a few other factors to take into consideration:
- Immediate, meaning that the power of attorney goes into effect as soon as the document has been executed
- Springing, meaning that the power of attorney goes into effect only when a specific event occurs, such as becoming incapacitated, etc.
- Durable, meaning that the document remains in effect when you become incapacitated and remains in effect over time
- Non-Durable, meaning that the power of attorney is terminated in the event you become incapacitated or disabled
Contact a Washtenaw County Estate Planning Attorney
If you are considering a power of attorney, it is important that you ensure it is executed by an experienced legal team that can help you achieve the desired outcome. At Collis & Griffor, we have proudly assisted clients in Washtenaw County for 30 years and are ready to assist you, too. To schedule a consultation with one of our experienced attorneys, contact Collis & Griffor today.