Power of Attorney

With a Financial Power of Attorney or a Durable Power of Attorney, you can plan ahead so your financial matters are taken care of if you become unable to manage them yourself. Nebraska law allows you to customize this POA document, giving the individual you choose to be your Financial Power of Attorney exactly the level of authority you’re comfortable with.

What is a Power of Attorney?

In Nebraska, a Financial Power of Attorney is a legal document that gives someone you choose, called your agent, the power to make financial decisions for you if you can’t. You, the person creating the document, are known as the principal.

This tool is especially useful for managing your financial affairs if you’re unable to do so due to illness, injury, or other circumstances. A Durable Power of Attorney is particularly valuable because it stays in effect even if you lose the ability to make decisions for yourself. It’s an essential part of any comprehensive estate plan.

Types of Financial Power of Attorney in Nebraska

There are different types of Financial Power of Attorney arrangements in Nebraska, and it’s important to know which one best fits your situation.

General Durable Power of Attorney

A Durable Power of Attorney gives your agent broad powers to handle your finances, including managing your property, paying bills, and making financial decisions. It continues to be effective if you become incapacitated.

Limited Power of Attorney

A limited option gives your agent authority for a specific task or time period. For example, you could authorize someone to sell a property for you while you’re unavailable.

Springing Power of Attorney

This Financial Power of Attorney only goes into effect if a specific event happens, like if two doctors certify that you are unable to make your own decisions.

Each of these options lets you control how much authority your agent has and when they can act. It’s a good idea to talk to an experienced estate planning attorney to figure out which Power of Attorney option works best for you.

Who Can Override a Power of Attorney?

Even though a Durable Power of Attorney gives your agent significant authority, there are ways to override it. In Nebraska, the principal retains the right to revoke or modify a financial power of attorney at any time, provided they have the mental capacity to do so. Additionally, courts can intervene if there is evidence that the agent is acting against the principal’s best interests, such as engaging in financial misconduct or abuse of authority. These legal protections ensure the principal’s rights and well-being are always protected.

When Should You Create a Power of Attorney?

A Financial Power of Attorney can make life easier in many situations:

• Managing Financial Tasks Together: You can authorize your spouse or another trusted person to handle financial matters, like paying bills or refinancing a home, if you can’t be there to do it yourself.
• Preparing for the Unexpected: If an accident or illness prevents you from making decisions, having a Durable Power of Attorney ensures that someone you trust will step in to manage your affairs.
• Avoiding Court Proceedings: If you don’t have a plan in place, a court may need to assign someone to handle your finances. This process can take time and may not align with your wishes.

Planning ahead by creating a Financial Power of Attorney or a Durable Power of Attorney gives you peace of mind knowing that your financial matters will be handled by someone you trust.

Estate Planning Attorneys You Can Count On

At Nebraska Legal Group, we’re here to help you navigate the process of creating a Financial Power of Attorney that fits your needs. Our experienced attorneys can explain your options, draft the necessary documents, and make sure your plan complies with Nebraska law.

Don’t leave your financial future to chance. Contact Nebraska Legal Group today to schedule a consultation and take control of your estate planning.