How To Set Up Power of Attorney in Kansas
Power of attorney is an essential legal tool that allows someone to make decisions on behalf of another person in case of their incapacitation. It is a crucial process that helps ensure that all financial and medical obligations are taken care of in case of unforeseen accidents, illnesses, or other emergencies.
If you live in Kansas and want to ensure your financial and legal affairs are taken care of in the event that you become unable to make decisions for yourself, setting up a power of attorney is an important step to take. Landmark National Bank is here to help you navigate the process and understand how to set up power of attorney in Kansas.
Step 1: Selecting an Agent or Attorney-in-Fact
The first step in learning how to create power of attorney in Kansas is to select an agent or attorney-in-fact. This individual will be entrusted with making decisions on your behalf. It is important to choose someone you trust implicitly and who is capable of handling the responsibilities that come with this role. The agent can be a family member, a close friend, or even a professional such as an attorney or financial advisor.
Step 2: Choosing the Appropriate Type of Power of Attorney
When handling estate planning in Kansas, there are different types of power of attorney to choose from, depending on your specific needs. The main options include:
General Power of Attorney (GPA)
This is the broadest form of POA. When you grant someone a GPA, you’re allowing them to act on your behalf in a wide range of matters. However, a GPA becomes void if you become incapacitated.
Durable Power of Attorney
As the name suggests, this POA is “durable,” so it remains effective even if the principal (the person granting the power) becomes incapacitated. A durable power of attorney in Kansas is useful for individuals who want to ensure their affairs are taken care of if they become unable to make decisions.
Limited or Special Power of Attorney
This type of financial power of attorney in Kansas allows the principal to grant specific powers to the agent for particular tasks, such as selling a property or managing a specific financial account. Once the task is completed or the specified time period expires, the limited POA becomes void.
Medical Power of Attorney
In Kansas, this is sometimes referred to as a Health Care Power of Attorney. This document empowers a trusted individual to make health care decisions for the principal including decisions about treatments, surgeries, and end-of-life care.
Springing Power of Attorney
Unlike other POAs that take effect immediately once signed, a Springing POA only “springs” into action under certain conditions, such as the principal’s incapacitation. It’s essential to define these conditions clearly in the document to prevent any misunderstandings or disputes.
Parental Power of Attorney
This is a special form of POA allowing parents to grant another adult temporary rights to make decisions concerning the care and custody of their minor child, usually when they’ll be away or are otherwise unable to perform parental duties.
While Landmark National Bank can help you learn more about the different types of power of attorney in Kansas, we are not legal professionals. Consider your unique circumstances and consult with an attorney to determine the most suitable type of power of attorney for your needs.
Step 3: Understanding the Legal Requirements
To ensure your power of attorney is valid and enforceable in Kansas, it must meet certain legal requirements. These include:
- The power of attorney document must be in writing.
- You must sign the document in the presence of a notary public or two witnesses who are not related to you and do not stand to benefit from the power of attorney.
- The agent or attorney-in-fact must also sign the document, acknowledging their responsibilities and powers.
Adhering to these legal requirements is crucial to ensuring the validity of your power of attorney.
Step 4: Knowing Limitations and Responsibilities of the Agent or Attorney-in-Fact
The agent or attorney-in-fact has limitations and responsibilities outlined by Kansas law. They must act in your best interests, avoid conflicts of interest, keep accurate records of all transactions, and make decisions according to your wishes as stated in the document.
Understanding these limitations and responsibilities will help you select the right person for the role and ensure they fulfill their duties. Additionally, you must understand the power of attorney costs in Kansas, which will play a major role in your decision.
Navigate the Legal Process With a Bank That’s on Your Side
When setting up a power of attorney, your best bet is to seek professional advice from expert attorneys and financial advisors. Landmark National Bank can help ensure that your accounts are established according to your directives, so you’ll be prepared for any situation that may arise.