Hi, I am Tulsa Will and Trust Lawyer Jason Lile. When it comes to estate planning, many people focus on creating a trust to protect their assets and ensure their wishes are carried out after their passing. However, a trust has limitations that may require the use of a power of attorney. A power of attorney is a legal document that designates someone to act on your behalf in the event that you are unable to do so yourself. This can include managing your finances, making healthcare decisions, and more.
How a Power of Attorney Works
A power of attorney gives the designated person immediate legal authority to act on your behalf. This can be contingent upon your incapacity, whether mental or physical, or it can take effect immediately upon being signed. The person with power of attorney has the ability to manage your affairs, including those not covered by your trust. While there may be a section outlining specific powers, the general durable power of attorney is not exhaustive and provides broad authority to the designated person.
The Importance of a Fiduciary Duty
It is important to note that a power of attorney is a fiduciary duty, meaning the designated person must act in the best interest of your estate and you as a person. This provides added protection and ensures that the person with power of attorney is not acting in their own self-interest. A good attorney can advise you on how a power of attorney fits into your overall estate plan and how it can work in conjunction with other tools such as a trust.
Get Help with Your Estate Planning Needs
If you have questions about a power of attorney or any other estate planning matters, contact me, Oklahoma estate planning attorney Jason Lile, at OklahomaWillandTrust.com. Call 918-876-4500 to schedule a consultation and ensure your estate plan is comprehensive and effective.