Table of contents:
Types of Power of Attorney in Missouri
In Missouri, you have several options when it comes to creating a power of attorney. The type of power of attorney you choose will depend on your specific needs and circumstances.
The most common types of power of attorney in Missouri are:
- General power of attorney: This type of power of attorney gives your agent broad authority to act on your behalf in all matters, including financial, legal, and medical.
- Limited power of attorney: This type of power of attorney gives your agent authority to act on your behalf only in specific matters, such as managing your finances or making medical decisions.
- Durable power of attorney: This type of power of attorney remains in effect even if you become incapacitated.
- Springing power of attorney: This type of power of attorney only becomes effective if you become incapacitated.
When choosing a type of power of attorney, it is important to consider your individual needs and circumstances. You should also consult with an attorney to ensure that the power of attorney is drafted in a way that protects your interests.
Creating a Power of Attorney in Missouri
Creating a valid power of attorney in Missouri involves several important steps to ensure its legal effectiveness. These steps include understanding the different types of powers of attorney, completing the document properly, obtaining required signatures, and considering the benefits of having an attorney review the document before it is signed.
Steps Involved in Creating a Power of Attorney
- Determine the Type of Power of Attorney: Missouri recognizes various types of powers of attorney, each with its own specific purposes and limitations. It’s crucial to select the type that best suits your needs and circumstances.
- Complete the Document: The power of attorney form should be filled out accurately and completely, including the principal’s name, the agent’s name, the powers being granted, and the effective dates.
- Obtain Required Signatures: The principal must sign the power of attorney in the presence of a notary public. In some cases, witnesses may also be required.
- Consider an Attorney’s Review: While not legally required, having an attorney review the power of attorney before it is signed is highly recommended. An attorney can ensure that the document is properly drafted and meets your specific needs and intentions.
Powers Granted by a Power of Attorney in Missouri
A power of attorney in Missouri grants the agent broad authority to act on behalf of the principal in financial, property, and healthcare matters. The scope of this authority includes:
- Financial Decisions: The agent can manage the principal’s finances, including making investments, paying bills, and filing taxes.
- Property Management: The agent can buy, sell, or lease the principal’s property, as well as make repairs and improvements.
- Healthcare Decisions: If the principal becomes incapacitated, the agent can make healthcare decisions on their behalf, including consenting to medical treatments and managing their end-of-life care.
However, it’s important to note that the agent’s authority is limited by the terms of the power of attorney document. The principal can specify the specific powers they wish to grant and can also include any restrictions or limitations on the agent’s authority.
Duties of an Agent Under a Power of Attorney in Missouri
Agents under a power of attorney in Missouri have several fiduciary duties to their principals, including:
- Duty of Loyalty: Agents must act in the best interests of their principals and avoid conflicts of interest.
- Duty of Care: Agents must exercise reasonable care and diligence in carrying out their duties.
- Duty to Account: Agents must keep accurate records of their actions and provide an accounting to the principal upon request.
Consequences of Breaching Duties
Agents who breach their duties may be held liable for damages, removed from their position, or both. They may also face criminal charges in some cases.
Termination of a Power of Attorney in Missouri
A power of attorney can be terminated in several ways in Missouri:
- Revocation: The principal can revoke the power of attorney at any time, unless it is coupled with an interest or given as security.
- Death: The power of attorney terminates upon the death of either the principal or the agent.
- Incapacity: If the principal becomes incapacitated, the power of attorney may be terminated by a court order.
- Expiration: If the power of attorney was created for a specific period of time, it will terminate at the end of that period.
- Other events: The power of attorney may also be terminated by other events, such as the marriage of the principal or the appointment of a guardian or conservator for the principal.
Legal Consequences of Terminating a Power of Attorney
Terminating a power of attorney can have several legal consequences:
- Any actions taken by the agent after the power of attorney is terminated are void.
- The principal will regain control of their property and affairs.
- The agent may be held liable for any actions taken after the power of attorney is terminated.
