A power of attorney (POA) is a significant estate planning tool for adults of all ages. Creating one gives you peace of mind and helps ensure your financial and health wishes are carried out. Learn more about the purpose and benefits of adding this document to your legal portfolio with these frequently asked questions.

4 Popular Estate Planning Questions About Power of Attorney

What does a POA do?

A POA allows you to designate someone, called an agent or attorney-in-fact, who acts on your behalf in business, personal, or medical matters. You can give an agent a general power, which confers broad authority, or limited power, which confers authority to carry out particular responsibilities for a specific period. A durable POA means the agent’s authorization continues if you become mentally unable to act for yourself.    

Why is having one beneficial?

A POA allows you to select the person who will handle your business, health, and personal matters. A durable POA is beneficial if you become incapacitated, as in the case of being in a coma or experiencing substantial memory loss, because the agent continues to act for you. Otherwise, a court may have to appoint a conservator or guardian to handle your affairs.  

How do you choose an agent?

When choosing an agent, consider their honesty and willingness to make decisions that place your best interests first, even if it means opposing your other loved ones. Your agent should be a good communicator who can deal with people, including your business and financial associates, doctors, or lawyers. For the sake of convenience and local knowledge, select someone who lives in your city. 

Can I change my mind?

Yes. You can modify or revoke a power of attorney at any time while you still have the mental capacity to do so. If you change the document or create a new one, you must notify anyone operating under the original that you have changed or revoked it and provide them with a copy of the new POA.   

Before you create or modify a power of attorney, consult the attorneys at the Law Offices of Reuben S. F. Wong in Honolulu, HI. They will provide sound legal advice and representation, whether your concern involves business law, real estate law, or estate planning. Call (808) 531-3526 today or visit their website to schedule a free consultation.