What is a Power of Attorney? In this video attorney Curt Runger details the question behind what is a power of attorney. View the video below or see the transcript to hear Curt’s answer to this important question.
Transcript: Hi my name is Curt Runger, I’m the Managing member of Douglass & Runger, PLLC, which is a Memphis law firm, and I help my clients attain peace of mind and plan for their future by preparing their estate planning documents for them. So one of the most important estate planning documents that an individual can have is a power of attorney. So many of you who are watching this video might say well, “I don’t need a power of attorney right now because I’m in great health and meet I’m gonna live forever. I’m invincible.” But then a lot of you also probably have had experiences where you’ve had parents or other family members who have been at advanced age, and you’ve had to kind of take care of them. and a lot of times what people run into is that, you know, these medical providers or banks or, you know, other type of individuals or companies that you need to be able to deal with. To help you know your loved ones out are not going to talk to you unless you’re the attorney in fact so what is a power of attorney so a power of attorney is actually a legal document, in which you designate another individual to make decisions for you in the event that you’re unable to do so, for yourself. So, usually the individual that you’re designating in your power of attorney to make decisions for you. There’s going to be a spouse or a family member or a really close friend. There’s two types of powers of attorney. There’s one for healthcare which is where you’re nominating another person to make decisions for you, regarding your health care. And then there’s also, you know, a business power of attorney a durable power of attorney where you’re designating another person in that document to make decisions for you, regarding business to, you know, have access to your bank accounts and so on and so forth, and they’re both important actually the durable power of attorney for business. You gotta be very careful with those and make sure that the person that you’re designating to be your agent is trustworthy because that is obviously creates a fiduciary relationship between you and your attorney in fact, in the sense that you’re gonna have access to your money so you got choose wisely but if you have any questions about powers of attorney or anything else related to estate planning or probate. Please give me a call at 901-388-5805. Once again, my name is Curt Runger, 901-388-5805. Thank you. If you have any further questions do not hesitate to call Curt or his team at Douglass & Runger, PLLC at (901) 388-5805 relating to other questions you may have about the will preparation process.