Power of Attorney Lawyers Located in Canton, Michigan
i. No one is immune from aging or the loss of mental clarity that may come with it. Also we are never immune to health crises that may leave you unable to handle the business of your life: paying bills, managing investments or making key financial decisions.
ii. A power of attorney gives one or more persons the power to act on your behalf as your agent. The power may be limited to a particular activity, such as closing the sale of your home, or be general in its application. The power may give temporary or permanent authority to act on your behalf. The power may take effect immediately, or only upon the occurrence of a future event, usually a determination that you are unable to act for yourself due to mental or physical disability. The latter is called a “springing” power of attorney. A power of attorney may be revoked, but most states require written notice of revocation to the person named to act for you.
iii. The person named in a power of attorney to act on your behalf is commonly referred to as your “agent” or “attorney-in-fact.” With a valid power of attorney, your agent can take any action permitted in the document.
iv. If you do not have a power of attorney and become unable to manage your personal or business affairs, it may become necessary for a court to appoint one or more people to act for you. People appointed in this manner are referred to as conservators.