Power of Attorney

A power of attorney appoints an individual as your agent to act when you are indisposed due to illness, travel, or simply for your convenience even if you aren't indisposed. The typical power of attorney is an unlimited, durable power of attorney, meaning that it gives fairly complete control to your agent and continues in force even if you become incapacitated ("durable"). Naturally, it should only be given to someone in whom you have the utmost trust.

By granting a unlimited durable power of attorney, your agent will have less trouble using the power with banks and other financial institutions. A limited durable power of attorney can be crafted for particular circumstances, but its usefulness for unexpected problems would be limited.

If you are incapacitated, in the absence of a power of attorney or joint ownership of accounts or property, it may be necessary to go to court to obtain access to your assets through a guardianship or conservatorship. Both procedures can be costly, but your guardian or conservator is normally required to account to the court for his or her administration of your property. Your agent acting under a power of attorney may also be called to account for his or her actions as a fiduciary on your behalf.

A nondurable power of attorney is not effective when you become incapacitated. A "springing" power of attorney, only becomes effective when you become incapacitated, and once the certification requirements in the instrument are satisfied (e.g. two doctors agree that you lack capacity to make decisions).

All powers of attorney terminate upon your death. Under certain circumstances, actions taken by your agent after your death but before the agent or others learned of your death may also be effective.

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Our email address is: hwc@jamesoncooper.com

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