Power of Attorney Lawyer in Union, MO
Someone has to be able to pay the bills if you can't. A power of attorney decides who that is and what they're allowed to do. People often come to Schmanke Law Firm for one ahead of a surgery, or when a parent is starting to struggle with finances, or when a spouse can't get into accounts that are only in one name. The firm prepares powers of attorney for people in Union and the surrounding area, and also handles the guardianship cases that come up when there isn't one.
What you're giving someone permission to do
The person signing the document is called the principal. The person receiving authority is called the agent, or in Missouri's statutes, the attorney in fact. Despite the name, your agent doesn't need to be a lawyer.
Your agent only has the authority the document gives them. Missouri law allows a power of attorney to grant general powers over your affairs or to cover only specific matters. Common examples include handling bank accounts, paying bills, filing taxes, dealing with insurance, and signing documents for a real estate sale.
An agent acting under a power of attorney is acting as a fiduciary. They are handling your affairs for your benefit, not their own.
Signing a power of attorney doesn't take away your own ability to manage your affairs. While you're capable, you can keep making your own decisions, and you can revoke the document.
Medical decisions are a separate matter. Missouri handles health care authority under its own set of laws, so a power of attorney written for financial matters shouldn't be assumed to cover medical decisions.
If you become unable to handle things yourself
Many people sign a power of attorney so someone can step in if an illness or injury leaves them unable to manage their own affairs.
In Missouri, a power of attorney only continues through incapacity if it is written as a durable power of attorney. The statute requires specific language saying so, and the document must be signed, dated, and notarized.
A durable power of attorney can take effect as soon as it's signed. It can also be written to take effect later, such as when the principal becomes incapacitated. Each approach has practical tradeoffs, and which one fits depends on what you're trying to accomplish.
Choosing who will act for you
Your agent may be able to move money, sign contracts, and deal with your property. It makes sense to think about more than who you're closest to.
Some questions worth considering. Is this person organized enough to keep track of bills and records? Do they live close enough to deal with your bank or show up at a closing? Would they be comfortable telling a family member no? Are they willing to do it at all? Under Missouri law, a person named as agent isn't required to act unless they've agreed in writing to do so.
Being your spouse or oldest child doesn't automatically make someone the best choice. Some people name one person and a backup. Others give different people authority over different things.
When the concern is an aging parent
Adult children often call because a parent is starting to have trouble keeping up with bills or paperwork.
A power of attorney has to come from the parent. Being their child doesn't give you authority on its own, and you can't sign one on their behalf. Your parent signs it, choosing who acts for them and what that person can do.
For that reason, the parent needs to have the mental capacity to understand what they're signing. If there are questions about that, the attorney will talk through the situation with you and your parent. When a parent can no longer sign a power of attorney, a court process such as Guardianship may be the remaining option.
If your parent is still managing but you can see changes coming, it's usually easier to put a power of attorney in place sooner.
What the attorney works through with you
You don't need to know what kind of power of attorney you need before you call. Most people come in knowing only that they want someone they trust to be able to handle things.
At the consultation, Michael will ask what you want your agent to be able to do, and what you don't. You'll talk about who to name and whether to name a backup. You'll decide when the authority should start and whether it should continue if you become incapacitated. If there are limits you want, such as no gifts or no selling the farm, those can be written in.
Michael will also look at how the power of attorney fits with your will, any trust, and the rest of your estate planning. Then he'll prepare the document, go over it with you, and handle the signing.
Frequently Asked Questions
Does a power of attorney end at death?
Yes. Under Missouri law, an agent's authority ends when the principal dies, with a narrow exception for certain limited authority some documents grant. After death, the estate is handled under the person's will and Missouri probate law, usually by a personal representative (often called an executor). An agent under a power of attorney and an executor are different roles, even if the same person holds both.
Does a power of attorney need to be notarized in Missouri?
A durable power of attorney does. Missouri requires it to be signed, dated, and acknowledged before a notary the same way a real estate deed is. A power of attorney generally doesn't need to be recorded to be valid. If your agent will be signing documents for a real estate transaction, recording may be required for that transaction.
When does a power of attorney take effect?
It depends on how the document is written. Many take effect as soon as they're signed. Others are written to take effect only after a particular event, such as the principal becoming incapacitated. Unless it ends earlier under its own terms or is revoked, a power of attorney generally stays in effect until the principal dies.
Can a power of attorney be revoked?
Yes. You can revoke your power of attorney or change it while you have the capacity to do so. It's best to do this in writing and let your agent and any bank or institution that has a copy know.
Does a power of attorney cover medical decisions?
Not automatically. Missouri has a separate law for health care powers of attorney, with its own rules about what the document must say. A power of attorney written for finances and property doesn't give your agent authority over medical treatment.
Talk With a Power of Attorney Lawyer in Union
If you've been thinking about who would handle things for you, or you're worried about a parent, schedule a free consultation at our Union office at 301 East Main Street. Appointments are also available at our Owensville office.