When you decide to grant someone power of attorney (POA), you may wonder how long the process takes. It varies depending on several factors and circumstances, including how complex your situation is.
We’ll explore the typical timeline for getting a power of attorney and provide some tips for streamlining the process.
Key Takeaways:
The timeline for obtaining a power of attorney can range from a few days to several weeks, depending on your specific circumstances and legal requirements.
Factors impacting the timeline include the type of POA you need, the complexity of your situation, and whether you need to involve an attorney or other professionals.
To streamline the process, gather necessary information and documents in advance, communicate clearly with your chosen agent, and consider working with an attorney or online legal service.
Typical Timeline for Obtaining a Power of Attorney
The typical timeline for obtaining a power of attorney can range from a few days to several weeks. Here's a simple breakdown of the steps and how long each might take:
1. Choosing an Agent and Discussing Your Wishes (1-2 days)
The first step in obtaining a POA is to choose a trusted person to serve as your agent and to discuss your wishes and expectations with them. This conversation can typically happen in a day or two. However, you want to ensure you select the right person for the job.
Suzanne Michaud, Senior Estate Lawyer at RBC Law Group advises:
“Choosing the right person or people to act for you as attorney is a tough choice. You have to consider who would be best in that role… One consideration is that the person has to be 100% trustworthy because a power of attorney is a very powerful document, and you want to ensure any transactions they undertake on your behalf are done with your best interests in mind.”
2. Gathering Necessary Information and Documents (1-5 days)
Before drafting your POA, you'll need to gather important information and documents, such as your financial account numbers, property deeds, and healthcare information. The time required for this step can vary depending on the complexity of your situation and how easily accessible the information is.
3. Drafting the Power of Attorney (1-2 weeks)
Once you have all the necessary information, you or your attorney can begin drafting the power of attorney. If you use an online legal service or template, it may only take a few days. If you work with an attorney, it may take longer, as they will need time to review your situation, draft the document, and make any necessary revisions.
4. Reviewing and Signing the Power of Attorney (1-2 days)
After the POA is drafted, you and your chosen agent must review it carefully to ensure it accurately reflects your wishes. Once you're both satisfied with the document, you must sign it according to your state's legal requirements, which may include notarization or witness signatures. This process can usually be completed in a day or two, depending on the availability of the necessary parties.
5. Storing and Sharing the Power of Attorney (1 day)
Once your power of attorney is signed and legally valid, it's important to store it securely and share copies with your agent and any other relevant parties, such as your healthcare providers or financial institutions. This final step can typically be completed in a day.
Trustworthy is a secure online platform that can help you store, share, and manage your power of attorney documents. With Trustworthy, you can:
Upload and store your POA and other important legal documents in a secure, encrypted digital vault
Share your POA with your agent and other trusted parties with customizable access controls
Set reminders for important dates, such as when to review and update your POA
Access your documents anytime, anywhere, from any device
Based on these general timeframes, the entire process of obtaining a power of attorney can take anywhere from a few days to several weeks. However, every situation is unique, and your specific timeline may vary.
Factors Affecting the Power of Attorney Timeline
Several factors can impact how long it takes to get a power of attorney. Some of the most significant include:
Type of Power of Attorney
The type of power of attorney you need can significantly impact the timeline for obtaining it. There are several common types of POAs, each with their own specific requirements and considerations.
Financial Power of Attorney
A simple financial power of attorney grants your agent the authority to manage your financial affairs and is relatively quick to draft and execute. This type of POA typically involves a simple document outlining the specific powers you wish to grant, such as the ability to access your bank accounts, pay bills, and manage investments. In many cases, a financial POA can be obtained in a matter of days, especially if you use a pre-existing template or work with an online legal service.
Medical Power of Attorney
A medical power of attorney, which gives your agent the authority to make healthcare decisions on your behalf, can be more complicated and time-consuming to obtain. This type of POA often requires input from your healthcare providers to ensure your specific medical needs and preferences are adequately addressed. Your agent may also need to be more carefully chosen, as they will be making decisions about your care.
In addition, some states have specific requirements for medical POAs, such as the need for a separate document known as an advance directive or living will. These additional documents can add to the overall timeline for obtaining a comprehensive medical POA.
Other Types of POAs
Other types of POAs, such as those granting authority for a specific transaction or a limited period, may fall somewhere in between financial and medical POAs in terms of time required. Ultimately, the type of POA you need depends on your unique circumstances and goals.
Complexity of Your Situation
If your affairs are relatively simple, with few assets and no major health concerns, the process of drafting and executing a POA may be quite simple and quick.
However, if your situation is more complex, it may take longer to create a POA that adequately addresses all of your needs and concerns. For example, you may need to involve additional professionals if you have a large estate with multiple properties, investments, and business interests. This includes financial advisors, real estate attorneys, and tax specialists. These experts can help ensure your POA is comprehensive and legally sound, but their involvement can also extend the overall timeline.
Similarly, if you have a complicated medical history or specific healthcare needs, drafting a medical POA may require more time and input from your doctors and other healthcare providers. You may need to have detailed conversations about your treatment preferences, end-of-life care, and other sensitive topics, which can take time and emotional energy.
Legal Requirements in Your State
Each state has its own laws and regulations governing the creation and execution of POAs, and these requirements can vary.
Some states have relatively simple requirements, such as the need for the POA to be in writing and signed by the principal (the person granting the authority). Other states have more extensive requirements, such as the need for the POA to be notarized or witnessed by one or more disinterested parties.
Researching and complying with these state-specific requirements can add time to the POA process, especially if you are not familiar with the legal landscape in your area.
Availability and Cooperation of Your Chosen Agent
The person you choose to serve as your agent or attorney-in-fact will play a key role in the POA process. Their availability and cooperation can impact the timeline for obtaining the document.
Ideally, your chosen agent should be someone you trust to act in your best interests and carry out your wishes. They should also be willing and able to take on the responsibilities of the role, which can be significant depending on the scope of the authority granted.
Michaud advises:
“You have to be honest with yourself. If you’re choosing an individual, do they have the skills or the time to actually carry out these duties, which can be quite time-consuming? If you don’t have family or friends who actually have these characteristics, then a very good option to consider is appointing a trust company to hold your power of attorney.”
Once you identify your chosen agent, it's important to involve them in the POA process as early as possible. They will need to review and sign the necessary documents, and they may have questions or concerns that need to be addressed before the POA can be finalized.
Involvement of an Attorney
Working with a lawyer who focuses on estate planning can provide a sense of comfort. An experienced attorney can help ensure your POA is valid, comprehensive, and tailored to your specific needs and goals.
However, involving an attorney can also add time to the overall timeline. Depending on the complexity of your situation and the attorney's workload, it may take several weeks or even months to draft and finalize the POA document.
Involving an attorney in the POA process can add time and expense, but it can also provide valuable guidance and support. You’ll have the confidence that your affairs will be managed according to your wishes, and your loved ones will be protected in the event of your incapacity.
Tips for Streamlining the Power of Attorney Process
While the timeline for obtaining a power of attorney can vary, there are some steps you can take to help streamline the process and avoid unnecessary delays:
Start the conversation early: Don't wait until you're facing a health crisis or other emergency to start thinking about a power of attorney. Begin discussing your wishes with your family and potential agents well in advance.
Gather necessary information and documents in advance: Before starting the POA process, take some time to collect important information and documents, such as your financial account statements, property deeds, and healthcare information. Keep your documents organized and readily accessible with Trustworthy.
Communicate clearly with your chosen agent: Ensure your chosen agent is willing and able to take on the role, and discuss your expectations and wishes with them in detail. Clear communication can help avoid misunderstandings and delays later in the process.
Consider working with an attorney or online legal service: While it's possible to create a power of attorney on your own, working with an experienced attorney or reputable online legal service can help ensure that your POA is legally valid and tailored to your specific needs.
Plan for secure storage and sharing: Once you have your POA in place, make a plan to store it securely and share copies with your agent and any other relevant parties. Using a secure online platform like Trustworthy can streamline this process.
Frequently Asked Questions
Can I grant power of attorney to more than one person?
Yes, you can appoint multiple agents under your power of attorney. This is called appointing "co-agents" or "joint agents." You can specify whether these agents must act together or if they can act independently of one another. Having multiple agents can provide a system of checks and balances, but it's important to choose individuals who can work well together.
Estate Planning Attorney, Paul Rabalais, advises:
“You can appoint more than one person to act for you but do so with caution. Many financial institutions and other third parties do not like to be forced to work with two or more people, together, on a power of attorney. If you must name more than one, consider appointing them to act "jointly or separately."
What happens if my agent is unable or unwilling to serve?
When creating your power of attorney, you can designate a successor agent (or multiple successors) to step in if your primary agent is unable or unwilling to serve. This can help ensure a smooth transition of responsibilities and avoid the need to create a new POA in the future.
How often should I review and update my power of attorney?
It's a good practice to review your power of attorney regularly, at least every few years or whenever you experience a significant life event (such as marriage, divorce, or a major change in your health or financial situation). Updating your POA ensures that it continues to reflect your current wishes and circumstances.
Can I create a power of attorney online?
Yes, various online legal services offer templates and guidance for creating a power of attorney. However, it's important to choose a reputable service and ensure the resulting document meets your state's legal requirements. For complex situations, it may be best to consult with an attorney to ensure your POA adequately addresses your needs.
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