Having a durable power of attorney for your spouse is most helpful when he or she becomes incapacitated and is unable to handle their own affairs, or when they’re out of the country. Without a power of attorney, you may have a difficult time making major transactions like selling the house or buying a car.
October 22, 2015. A power of attorney is a legal document granting powers to someone you trust to act in your place when you are not available or no longer capable of doing so. This person is called an agent or attorney in fact. Broadly speaking, there are two types of power of attorney: financial powers of attorney and medical powers of ...
If you have property that is only in your name, your spouse would need a power of attorney to take legal or financial actions related to that property (like selling it). Anyone can set up a POA. Who can make decisions for someone who lacks capacity?
The spouse doesn’t have the power to modify or terminate their spouse’s power of attorney. In general, a power of attorney overrides the spousal rights, but not every time. Consult the following table to see who has more power regarding the principal’s health and finances: Medical Matters. Financial Matters.
A power of attorney is a document in which the person signing the document, known as the "principal," authorizes another party, known as the "agent," to act on their behalf. The authority given to the agent is provided in the terms of the document. A power of attorney is distinguished from a conservatorship, or guardianship, ...
Categories deal with when the authority is given and its extent. These include conventional, durable , and springing.
A conventional power of attorney is often used for a limited purpose—to assist the principal in a specific task or daily activities. A conventional power of attorney ends when the principal becomes incapacitated. It is not intended to provide for the needs of the principal after incapacitation.
For a power of attorney to be legally binding, the principal must have mental capacity. Without mental capacity, the principal is unable to execute a power of attorney. It is vital that parties execute a power of attorney as soon as possible. Delay in doing so might mean it is too late to execute a power of attorney.
If you become incapacitated and don’t have a power of attorney document, the court has to decide who gets to act on your behalf. Unless you choose them as your agent, your spouse will have little to no say in the decision-making process about your health and finances.
Spousal rights can vary from one state to another, but in most states, married couples have the right to: Open joint bank accounts. File joint federal and state tax returns.