If you’re thinking about sprucing up your estate plan, you’ve probably given some thought to appointing power of attorney (POA). It essentially gives a trusted person (or “agent”) the legal authority to handle your affairs on your behalf. What is power of attorney, exactly, and what are some of the different forms it can take in the states of Washington and Idaho?
First of all, you should know that powers of attorney can be used in many different situations. You can usually authorize your agent to do as much or as little as you like. Power of attorney can be general, granting your agent the power to handle a broad range of legal matters; it can be limited, placing restrictions on the agent’s general powers; or it can be specific, authorizing your agent to act in one particular matter or event.
Durable and Nondurable POA
It’s important to distinguish between durable and nondurable powers of attorney. Durable POA generally encompasses more legal powers, authorizing your agent to manage all your affairs. It takes effect if you should become incapacitated and it expires upon your death. Non-durable POA, on the other hand, only lasts for a set period of time and is normally only used for specific transactions.
POA for Bank Account Matters
One special power of attorney is related specifically to bank account matters. In both Idaho and Washington, the agent you appoint legally has the power to handle bank account activities like deposits, writing checks, opening accounts, and so on.
POA for Childcare
If you’re a parent and you think you’ll be unavailable for a certain period of time, you have the ability to appoint power of attorney over your child or children. The person you name can have the authority to do a number of things for your children, like find medical treatment for them, sign them up for an activity, or make significant life decisions for them. Remember, you have control over how limited or how broad these powers can be, and you can even revoke the power before it legally expires.
POA for Health Care
Durable power of attorney for health care can take effect if you become disabled or incapacitated, or when you are no longer capable of making medical decisions for yourself. It allows you to name an agent who can make healthcare decisions on your behalf. This POA ensures your health care can be handled according to your wishes, which may include specifications about medical treatments, drugs, and health care providers.
POA for Real Estate
Real estate power of attorney can authorize an agent to purchase or sell real estate on your behalf, depending on your exact specifications. It can also allow your agent to take other related steps, like obtaining a loan.
POA for Sale of Motor Vehicle
This limited power of attorney allows your selected agent to sell or transfer a motor vehicle on your behalf. It authorizes that person to execute a bill of sale, title, and other documents connected to the transaction.
POA for Stock Transactions
While you usually only need one witness to transfer powers of attorney in Idaho and Washington, limited POA for stock transactions requires two witnesses. If you hold shares in a company, your specified agent can gain the authority to exert corporate powers on your behalf, such as voting and conducting stock and bond transactions.
Again, you can generally tailor powers of attorney to meet your exact needs. An attorney will be better equipped to guide you through the process. Contact Estate & Long Term Care Group to speak with supportive, knowledgeable lawyers who can advise you on the best powers of attorney for your situation. We would be happy to sit down and discuss your options.
Written by ELTC Law Group
