Are you interested in creating a power of attorney in Baraboo? While this may be something you are thinking about right now, there is likely to be another question on your mind: how does a power of attorney terminate?
Before you make such a big decision, you need to be in touch with every last detail. This includes how your power of attorney will terminate, and what role you will play in this process.
In short, you can decide when your power of attorney ends. If you have a durable power of attorney, for example, the document can remain active until your death. In other words, your document will terminate when you pass on.
Note: with a power of attorney in place, your attorney in fact has the authority to handle matters on your behalf after your death. This can include but is not limited to: distributing property to the appropriate parties, making funeral arrangements, and paying debt. Even if you have a power of attorney, how your assets should be handled upon your death needs to be detailed in your last will or living trust.
While your death will terminate your power of attorney, there are other ways this can happen:
- You revoke it. If you are the person who created the power of attorney and are mentally competent, you have the right to revoke the document at anytime. In other words, you are not “stuck” if you create this document. It can be revoked or changed at anytime.
- A court invalidates it. While this is not common, there is the chance that the court could invalidate the power of attorney if they believe you were mentally incompetent when it was signed.
- You go through a divorce. In some states, a divorce automatically terminates a power of attorney if your ex-spouse was listed as the agent. Consult with your estate planning attorney to determine if this is the case in your state.
Some people shy away from creating a power of attorney because they are unsure of how it can be terminated. Don’t let this uncertainty hold you back. You now better understand how and when this document is terminated. If you have any questions, we are more than happy to answer them while providing advice on the steps you should take next regarding your power of attorney in Baraboo. Visit KH-LAW.net to schedule your FREE estate planning consultation.
- How Estate Planning for a Family May Trap the Unwary Practitioner - September 21, 2022
- What Everyone Should Know about the New FDIC Regulations - September 13, 2022
- The Inflation Reduction Act - September 8, 2022