A power of attorney (POA) can protect the financial future of you and your family, as long as it’s valid and does not contain errors. Unfortunately, there are many misconceptions regarding this legal document, and they can result in an invalid agreement that will hold no weight when it matters most. Lance S. Cox Attorney at Law in Cincinnati, OH, draws on over three decades of legal experience to provide effective estate planning services and refutes common misconceptions regarding power of attorney documents.

3 Power of Attorney Myths

1. It’s Never Too Late to Create One

Although you theoretically can update a power of attorney or will at any time, you cannot do so if you have been deemed legally incompetent. This means it can be too late to create or update a POA in some instances. Since life is unpredictable and you could become incapacitated at any time, it’s critical to review your estate planning documents periodically to ensure they are current.

2. You Can Create a Valid POA Using an Online Template

There are countless resources on the internet regarding POA papers, but they are general outlines. None will take your specific situation into account, so it’s best to hire an attorney to help you draft a power of attorney. If you create a POA using an online template, have an attorney review it to ensure it’s valid.

3. You Can Cover Everything With One Power of Attorney

If you want to assign an individual to make medical decisions on your behalf, you need to create a durable power of attorney for health care. Although you can designate the same person to make financial decisions on your behalf, you cannot do so with a single power of attorney. In addition to creating the health care proxy, you must draft a special or general POA, depending on the legal relationship you wish to establish.

If you need to create or update a power of attorney, turn to Lance S. Cox Attorney at Law in Cincinnati, OH. They offer knowledgeable and reliable estate planning services to secure your future, as well as probate and tax preparation. Visit the firm online for more information and call (513) 528-6000 to schedule a consultation.