A power of attorney gives an individual of your choosing the right to make certain legal and financial decisions on your behalf should you become unable to do so. Given that powers of attorney deal with very specific laws and statutes, there are often a lot of misconceptions about what these orders can and cannot do. Below, we debunk three common myths about powers of attorney.

3 Common Misconceptions About Powers of Attorney

1. Anyone Can Sign One

You're taking steps to protect yourself in case you're ever unable to make binding decisions on your own. This is surely something anyone can do, right? Well, not quite. When you sign a power of attorney, you must be of sound mind and body. If a person who is proven to be mentally incompetent signs such a document, then the entire thing is void.

2. An Agent Can Make ALL Decisions After the Power of Attorney Is Enacted

Another prevalent myth about powers of attorney is that the agent--the person you've named as your decisionmaker--can make any and all decisions regarding your life and health. This is simply not true; agents can only make specific decisions about your medical care and finances. And even then, their decisions need to reflect what you yourself would want. All of this underscores the importance of choosing someone trustworthy to be your agent and taking the time to discuss with them how you want your health care and finances handled if you can't handle them yourself.

3. A Power of Attorney Template From the Internet Will Meet My Needs

Never use a cookie-cutter power of attorney you've found online as your final, legally binding document. Laws governing powers of attorney differ from state to state, and you have to make sure yours is in compliance with your local guidelines. Also, the terms of a one-size-fits-all form are not going to address your unique needs and requests. In other words, have your own power of attorney drawn up that takes into account your requirements, goals, and wishes.

When the time is right to start designing your power of attorney, trust the lawyers at Wood & Rabil, LLP, Attorneys at Law. They have more than 80 years of combined experience serving the Winston-Salem, North Carolina, area in will and trust issues and estate administration and planning. Call (336) 722-5700, visit them online, or contact them on Facebook to set up a consultation.