If you are looking for a legal document that would grant someone else—a family member or a close friend—the power to make important decisions on your behalf, a power of attorney (a.k.a. POA) can help. In this document, you will become the principal. You will appoint another individual as the agent or attorney-in-fact to act in your place if you are unable to do so.

Read on to learn in-depth about how POA works in Missouri.

Who Needs POA?

People usually create a POA if they face a terminal illness or are at high risk of becoming physically disabled. This document helps them ensure that their wishes about healthcare, their estate, and finances are granted after they cannot take care of these aspects of their lives independently.

Also, a person might create a POA if they want to hand over some activities, such as investing money or selling a house, to a professional.

Different Types of POA

The three main types are general, limited, and durable. A general one is when the principal is alive and not disabled. This would be the most appropriate type of POA if you wanted to hire a money manager. Why not have someone else handle all that headache with investments?

A limited power of attorney, also known as a special power of attorney, allows the agent to perform a specific task on your behalf. For example, if you can’t attend the sale of your house, you can appoint someone to close the deal for you.

A durable power of attorney is in effect when the principal becomes ill. A subtype of this POA would be a springing POA. In this scenario, someone will become an agent after a particular event, for example, when a principal becomes incapacitated.

Healthcare POA vs. Healthcare Directive

In Missouri, these aren’t the same. A healthcare POA helps people express their wishes about how many doctors should determine their incapacitation before the POA comes into effect. A healthcare directive is a list of instructions on the types of life-prolonging medical procedures you want to receive.

Choosing an Agent

It’s often best to delegate important decisions to a relative or a close friend. While paying a family member to act as an agent is not a common practice, a financial incentive might be a good idea if the agent is not a close relative. In Missouri, it’s possible to name more than one person on the POA, in which case they will become co-agents.

Creating a POA provides clear caregiving instructions for your family if you cannot do so. POAs are also excellent tools for transferring specific tasks to experts and professionals if you don’t have time to do them yourself. If you need help creating a POA in Chesterfield, please contact Ben today at
314-312-2244.