Power of Attorney

A ‘Power of Attorney’ is a legal document that one might prepare along with their Will and other estate documents. The Power of Attorney (POA) legally assigns immediate powers to act in all matters concerning the Testator to their attorney-in-fact.  For example, Mary, an elderly widow who struggles with some disability, will have notarized a POA naming her son, John. John then may present the POA to any business entity i.e. bank, credit card co, doctor, CPA, etc. on behalf of Mary to:

• Collect and receive debts, monies, gifts, objects, interests, annuities, and demands that now are due or may hereafter become due, owing, or otherwise payable
• Sell, lease, mortgage, release, or otherwise deal with property, either real or personal
• Borrow money or otherwise obtain credit
• Deposit funds in any banking or savings institution or in any money market account
• Pay any and all bills, accounts, claims, and demands and endorse all checks drawn
• To hold, invest, reinvest and otherwise deal with and manage all property
• Prepare, make, execute, and file any and all federal, state, local or other tax returns

Durable/Medical POA

A ‘Durable/Medical Power of Attorney’ is a legal document that legally assigns powers to act in all matters concerning the Testator to their attorney-in-fact when a medical crisis occurs. In our example above, Mary will have notarized a POA naming her son John as Medical POA. No powers begin until Mary (the parent) has a stroke or disabling medical condition. Just like a POA, John may present the Durable/Medical POA to any business entity, i.e. bank, credit card co, doctor, CPA, etc., on behalf of Mary.