Power of Attorney Lawyer in Columbia, Missouri

Getting your affairs in order involves drafting a detailed end-of-life plan and making adequate plans for an uncertain future. When you become unavailable or otherwise unable to make important decisions about your health, property, or finances, having a power of attorney document in place gives you the confidence that your life choices and affairs are in trusted hands. If you are seeking power of attorney, consulting with an experienced Missouri estate planning attorney is important for detailed guidance.

Here at my firm, Ford, Parshall & Baker, I am available to discuss your unique situation and inform you about the importance of having a POA document as part of your estate plan. As your legal counsel, I can help you establish an estate plan that best fits your unique needs and goals.

My firm — Ford, Parshall & Baker — proudly serves clients across Columbia, Missouri, and the surrounding areas of Boonville, Jefferson City, and Fulton.

What is a Power of Attorney?

A power of attorney is a legal document in which you (the principal) appoint a person to act as your agent. The person named in your POA document — the “agent” or “attorney-in-fact” — will help manage or make decisions regarding property, legal, tax, or financial affairs when you become unavailable or otherwise unable to act.

According to the Revised Statutes of Missouri Section 404.710, "A principal may delegate to an attorney in fact in a power of attorney general powers to act in a fiduciary capacity on the principal's behalf with respect to all lawful subjects and purposes or with respect to one or more express subjects or purposes. A power of attorney with general powers may be durable or not durable."

Types of Power of Attorney in Missouri

Here are the different types of powers of attorney that are available in the state of Missouri:

Durable Power of Attorney

A durable power of attorney grants the agent the authority to make medical, legal, and financial decisions on the principal's behalf, regardless of whether the principal can handle their personal affairs. A durable power of attorney doesn't terminate even when the principal becomes disabled or incapacitated.

General Power of Attorney

A general or financial power of attorney gives the attorney-in-fact authority to grant the power to act on behalf of the principal for general financial matters. A general power of attorney allows your agent to handle business and financial transactions, settle claims, buy life insurance, or operate business interests on your behalf.

Limited Power of Attorney

A limited or special power of attorney allows the attorney-in-fact to act on the principal's behalf on matters indicated in the POA document. Duties include a single transaction, multiple transactions, or making bank withdrawals for a certain period.

The Importance of a POA

In Missouri, establishing a power of attorney is essential due to the following reasons:

• It allows you to appoint a reliable person to help manage your legal, estate, tax, medical, and financial affairs.

• It eliminates the need for the Missouri court to appoint a guardian or conservator.

• It helps maintain your privacy and those of your family members.

• It eliminates doubts and possible questions regarding the principal's intentions.

• It allows you to have an honest conversation with your loved ones to discuss your exact wishes.

• It saves precious time and money when there is a need to execute urgent tasks or make critical decisions.

• It allows your attorney-in-fact to reach out to other professional agencies to obtain confidential information or provide services to the principal.

Also, creating a power of attorney document can give every party involved peace of mind. An experienced attorney can evaluate your needs and enlighten you about what to consider when choosing your agent.

Factors to Consider

If you are trying to choose your agent in the power of attorney document, here are some essential factors to consider:

• Trust – Designate the authority to a dependable and trusted person who has your best interests at heart.

• Ethics – Choose an agent who won't abuse such privileges or misuse power in their duties.

• Understanding Duties – Choose an agent who understands their roles and duties to execute such responsibilities.

• Attention to Details – Choose an attorney-in-fact who can keep detailed and accurate records of all transactions performed on your behalf.

• Collaboration – Choose an attorney-in-fact who is willing to work with other professionals, including your accountant, attorney, advisor, and other parties.

• Proximity – Select a person who lives near you that will be available when needed.

• Decision-Making – Choose a person capable of making intelligent decisions, even under possibly strenuous situations.

An experienced attorney can review your unique needs and offer you the detailed guidance you need to choose the right agent.

Work with a Knowledgeable Attorney

Having the power of attorney document in place makes it possible for you to place your finances, assets, and medical affairs in trusted hands when unable to make such decisions. However, you must choose a reliable and honest person with experience in these fields. When you have an agent, you need to consult with a knowledgeable estate planning attorney for proper guidance and to help you make informed decisions.

I am committed to providing outstanding legal services and guiding clients through the complexities of estate planning, including power of attorney. As your attorney, I can help guide you through the legal process involved in choosing an agent.