When you go to meet with an attorney to make an estate plan, they will likely talk to you about a number of other documents that you need to help you prepare for the different circumstances life throws at you. One of these is a power of attorney. There are many different types of POA documents that are useful in different situations.
- Regular Power of Attorney: The simplest type, this power of attorney gives someone else the authority to make transactions in your place. This could mean signing documents for a house closing, handling your bank account, or doing other things. This type of document can be limited in time and scope or open, depending on your needs.
- Durable Power of Attorney: A durable POA is designed to remain in effect after someone is incapacitated and provides someone with the authority to handle items they can no longer handle themselves. This document will remain in effect until you recover and revoke the document or die. In 2016 the Utah Legislature enacted the Uniform Power of Attorney Act which makes all POAs made since that time durable unless it says otherwise.
- Military Deployment or Volunteer Service: One reason to set up an estate plan and consider a power of attorney is if you’re facing deployment or are going to be oversees or out of town doing volunteer service. This will allow your family back home to help handle your affairs even if you cannot be reached. It would allow them to deposit checks, pay bills, and handle legal documents, often at your direction, even when you cannot be physically present or sign documents.
- Overseas Travel and Study: While travel overseas can be short or long, you may find yourself in a foreign country with no access to funds or resources and need someone at home who can access your accounts, cancel or request cards, and pay bills.
Proactive estate planning covers many more situations than just what happens after you die. Planning also allows you to take advantage of mechanisms for when you’re out of contact, incapacitated, or just need someone else to handle your affairs. Reach out to the team of experienced estate attorneys at Dunn Law Firm by calling (435) 628-5405 to set up a free consultation today.