Creating Power of Attorney in Pittsburgh, PA
Experienced attorney can ensure that your POA is the right POA
A power of attorney (POA) is a legal document that enables you to appoint one or more people to manage your legal, healthcare-related or financial affairs when you are unable or unavailable to do so yourself. When you sign a POA, you are referred to as the principal and the person or entity you give authority to act for you is called your agent or attorney-in-fact. The knowledgeable Pittsburgh lawyers at Fingeret Law can help you prepare a power of attorney, including the following:
General power of attorney
When you sign a general power of attorney, you are authorizing your agent to manage a broad range of your affairs, including:
- All matters related to your financial affairs, including collecting and paying money due
- Purchase and sale of real estate
- Purchase and sale of personal property
- Banking transactions including deposits, withdrawals, writing checks, using your ATM/debit/credit cards and entering your safe deposit box
- Insurance matters, including paying premiums, making claims and approving insurance settlements
- Filing taxes on your behalf
- Investments in stocks, bonds, mortgages and other securities
- Gifts to or from individuals or charities
- Hiring and firing of employees, agents and legal counsel
Containing the breadth of authority
As compared to a general power of attorney, in a limited power of attorney the principal authorizes someone else (the agent) to act for him or her in a specific manner for a specific purpose. For example, a POA could be limited to permit an agent to perform all functions necessary to sell a specific real estate holding.
Upon executing a POA, the principal DOES NOT automatically relinquish his or her authority to manage his or her own affairs. A properly drafted document, together with appropriate legal advice, ensures that the POA document becomes effective only when the principal instructs the agent to act or when the principal becomes unable to make appropriate decisions.
It is important for the principal and the agent to communicate to prevent them from taking actions in conflict with one another. A principal can terminate an agent’s authority by notifying the agent that the POA is revoked. When doing so, it is prudent to retrieve any remaining copies of the POA in the agent’s possession.
All powers authorized to be completed by an agent terminate upon the death of the principal.
You can learn about healthcare POAs elsewhere on this site.
Contact a Fingeret Law attorney today
To discuss your specific needs and to find out how our elder law attorneys can help you, please call us at Fingeret Law at 412-486-6624 or contact us online. We have served the Greater Pittsburgh community for more than 40 years in the practice areas of elder law, estate planning, nursing home abuse, medical assistance planning, estate planning, wills, special needs trusts and guardianships. We travel to clients.