The phrase "power of attorney" is often thrown around in conversations about end-of-life decisions as a loved one ages. Unfortunately, it is often misunderstood or overlooked by otherwise well-meaning people.

What Is A Power Of Attorney?

First of all, it is important to understand what a power of attorney is so you can make an informed decision about whether it is something you should include in your plans for the future.

A durable power of attorney offers a way for people who manage their financial and business affairs while alive, even in the event they become mentally or physically incapacitated. This is accomplished by making their wishes clear and granting someone power of attorney while they are still able to make legally binding decisions.

Power of attorney designates a chosen loved one or another trusted person as an agent to carry out their financial or business affairs. An "agent" can really be an individual, corporation, estate, partnership or even a limited liability company (LLC).

Creating A Power Of Attorney

The first step is determining what terms make the most sense for your power of attorney. For example, do you want your power of attorney to be situational or to have broad authority? Our experienced lawyers at Roeder, Cochran, Phillips, PLLC, can help you decide what's right for you and make sure your power of attorney is set up accordingly. We can assist with all varieties, including durable power of attorney, springing power of attorney, general power of attorney and limited power of attorney.

Contact Our Office In McLean, Virginia

Our attorneys can guide you every step of the way as you consider and plan for a power of attorney. Contact us today for a free initial consultation.