Over Three Decades of Helping People Establish Powers of Attorney
Collierville estate planning lawyer prepares enforceable documents
Since opening our doors, The Collierville Law Firm has helped individuals and families in the greater Memphis area and throughout West Tennessee prepare for the future with thoughtful estate planning. Whatever your specific goals entail, you should seriously consider establishing a power of attorney should to ease the burden on loved ones if you are unable to handle key personal and financial matters. Attorney William L. Hagan III drafts these enforceable legal instruments which can take effect in the event of incapacity, absence from the country or some other circumstance.
What is a power of attorney?
A power of attorney (POA) is a legal document that allows one person, known as the principal, to authorize someone else to act on their behalf. Commonly part of estate planning, this document can help ensure that someone you trust is able to make decisions or complete specific tasks if you cannot do so yourself.
The authority granted by a POA depends entirely on the language contained in the document. A properly prepared power of attorney may cover:
- Financial transactions
- Property management
- Business matters
- Healthcare decisions, when specified by the document
Serving Collierville since 1996, our firm can prepare a document that clearly reflects your intentions while reducing the possibility of future disputes.
What is an agent and how should I choose one?
An agent is the individual who receives authority under a power of attorney. This person accepts a legal responsibility to act according to the terms set forth in the document and in the best interests of the principal.
Before making your decision on an agent, consider whether the individual:
- Can manage responsibilities carefully
- Will respect your wishes
Trust is the most important consideration because the agent may handle significant financial or personal matters. We can explain the duties involved and help ensure everyone understands the scope of the authority being granted.
How many different types of power of attorney documents exist?
There are several types of power of attorney documents available, and the correct one depends on your goals and personal circumstances. Common POAs include:
- General power of attorney — Grants broad authority over financial or legal matters
- Limited power of attorney — Authorizes specific actions or applies for a particular period
- Durable power of attorney — Generally remains effective even if the person creating it later becomes incapacitated
- Medical or healthcare power of attorney — Allows an appointed agent to make healthcare decisions when permitted by law
You can rely on us to help you create the legal instrument that best matches your needs
Can a power of attorney ever be revoked?
Yes. In many situations, a power of attorney may be revoked as long as the person who created it has the legal capacity to do so. People sometimes decide to revoke a document after a temporary situation ends, such as a hospital stay, trip abroad or the completion of a complex financial transaction. A change in a personal relationship could also lead someone to revise or revoke their POA.
Revoking a power of attorney involves preparing a written revocation and notifying the former agent, as well as any financial institutions or other parties that relied on the original document. Should you choose to withdraw a grant of legal authority, our firm can ensure the revocation is completed correctly.
What is the process for establishing a power of attorney?
Creating a proper power of attorney begins with discussing your goals and determining the specific authority you want to grant. The process generally includes:
- Identifying the appropriate type of power of attorney
- Selecting a qualified agent
- Preparing the legal document
- Signing the document according to Tennessee legal requirements
We can also review existing estate planning documents to confirm they are consistent with your power of attorney. Proper preparation today can reduce confusion later and help ensure your instructions are carried out as intended.
Discuss your power of attorney with an accomplished estate planning lawyer
If you are considering creating a power in the greater Memphis area or anywhere in West Tennessee, The Collierville Law Firm is ready to assist. With over 30 years of experience, we help clients prepare legally sound powers of attorney and other estate planning documents. Please call 901-614-0318 or contact us online for a consultation.