Establishing a power of attorney early lets you choose who will manage your finances while you can still make that choice. Without one, a sudden illness, accident, or cognitive decline can leave your family unable to pay bills, access accounts, or handle property on your behalf.
Many people put this document off because it feels like something for later in life. Your legal ability to sign it depends on understanding what you are signing, and no one can count on that. Waiting can quietly remove the option altogether.
At Shipman & DeHardt, PC, we explain each document in plain language so you know exactly what you are signing. We can talk through who to name, what powers to grant, and how a power of attorney fits with the rest of your plan.
If you are ready to start, call our office to schedule a consultation. We serve clients in Kansas City, Lee's Summit, Blue Springs, Raytown, and Independence, Missouri.
A power of attorney is a written document in which you, the principal, name someone to act for you. Missouri law calls that person an attorney-in-fact, although the role does not require a law license. The document can give broad authority over financial matters or limit your agent to specific tasks.
Missouri treats health care decisions under a separate statute, the Durable Power of Attorney for Health Care Act. Because of this, many people sign a financial document and a health care document at the same time. Each one covers different decisions and may name different people.
You generally need to understand what you are signing when you create a power of attorney. If a stroke, injury, or dementia diagnosis affects that understanding, signing a new document may no longer be possible. Thinking about your own possible incapacity can be uncomfortable, but acting while you are well keeps the decision in your hands.
Setting up a document early allows you to:
Choose an agent you trust instead of leaving the decision to a court.
Name a backup agent in case your first choice cannot serve.
Decide which powers to grant and which to leave out.
Talk through your wishes with family before an emergency arises.
When someone becomes incapacitated without a power of attorney, family members often must ask a Missouri court to appoint a guardian for personal decisions or a conservator for finances. That process typically involves filing petitions, attending hearings, and accepting continued court oversight. It can add cost and delay when bills and medical decisions cannot wait.
The court may also appoint someone other than the person you would have chosen. A power of attorney lets you name that person in advance. Our Missouri estate planning services can help you draft one that works alongside your will or trust so your documents support one another.
Under Missouri's Durable Power of Attorney Law, a power of attorney generally stays in effect after incapacity only if the document states so. Section 404.705 of the Missouri Revised Statutes sets out the requirements for a durable document, including the durability language. A document without this language may take effect only when your family needs it most.
Durability is not the only choice you will make. Depending on how it is written, a document can take effect right away or only after a later event, such as a physician's determination. Each approach has trade-offs involving convenience, privacy, and potential delay.
Before you sign, it helps to think through a few questions:
Is your chosen agent willing and able to serve? An agent generally has no duty to act unless they have agreed in writing.
Who should serve as a backup if your first choice cannot?
Should the document take effect immediately or only after incapacity?
How will it work with your health care directive and the rest of your estate plan?
Choosing an agent can be difficult when family relationships are complicated or when siblings may disagree. It often helps to seek legal guidance before you put it in writing, since a power of attorney gives your agent real authority over your money and property.
Establishing a power of attorney early lets you control who acts for you, may help your family avoid court involvement, and lets you set the terms while you can still do so. Putting it in place before a crisis can spare your loved ones the guesswork of what you would have wanted.
At Shipman & DeHardt, PC, we help families in Kansas City, Lee's Summit, Blue Springs, Raytown, and Independence, Missouri, create estate plans that fit their circumstances. Our attorneys, Jay DeHardt and Jill K. Shipman-DeHardt, have over seven decades of combined experience. Contact us to schedule a consultation and take the first step.
Establishing a power of attorney early lets you choose who will manage your finances while you are still able to make that choice yourself. Without one, a sudden illness, accident, or cognitive decline can leave your family unable to pay bills, access accounts, or handle property on your behalf.
When you are planning what will happen to your property after your death, avoiding a lengthy or public probate process may be one of your priorities. A properly structured trust can keep certain assets out of probate while also giving you more control over how and when beneficiaries receive them.
