Indiana Power of Attorney
What is a Power of Attorney?
Power of attorney is an “agent” or some times referred to as an “attorney in fact”. When a person or “principal” becomes incapacitated or unable to make decisions for themselves, this documents provides a legally enforceable way for the Principle to assign someone the role of making important decisions for them. There are general guidelines to follow when preparing these documents. Be sure to consult with an attorney about all applicable laws and regulations before signing the documents.
The principal determines the amount of power given to the agent, and typically there are two types in Indiana that will cover most needs. Business or Financial Affairs Power of Attorney and Health Care Power of Attorney also called a Health Care Directive. There are many other situations that a POA maybe needed as well. These limited Power of Attorney’s can be used for many purposes such as in real estate transactions.
When choosing an agent or attorney in fact, one should pick someone who is trustworthy. The principle is free to chose whomever they would like, including spouses, children, friends, and relatives. Decisions that your attorney in fact make are legally binding and are required to act in good faith on behalf of the principle.
Ways a Power of Attorney Document can be terminated.
- Written revocation filed with the same office that the original document was filed.
- Attorney-in-fact has died or is unavailable
- The principal’s divorce from the attorney-in-fact in Indiana
Don’t wait until its too late. Contact Duepner Law today to discuss how these documents can be tailored to meet all your needs including limited Power of Attorney for certain purposes.
Estate planning is more than just writing a will. When properly done, organizing your assets can help prevent family disputes and prevent administrative, legal and tax expenses. But smart estate planning can be complex, involving health care directives and business power of attorney, along with various trusts instruments and other legal documents such as deeds and beneficiary designations. DuepnerLaw can help you make educated choices that could help your loved ones when you are gone.