A power of attorney is a written legal document where a principal (you) appoints an attorney-in-fact (also called an agent) to act on their behalf on financial matters. Most powers of attorney in Mississippi are durable, meaning they are effective even if you become disabled or mentally incapacitated.

Other types of powers of attorney include medical powers of attorney or limited powers of attorney. A medical or health care power of attorney allows an agent to communicate your health care decisions when you cannot do so independently. Limited powers of attorney usually apply for single transactions, like if you need someone to make bank deposits while you are out of the country or finish a real estate transaction. A limited power of attorney is not durable, meaning it becomes ineffective if you are no longer of sound mind.

Consider your attorney-in-fact carefully. You want to choose someone who is familiar with your daily business and understands routine business activities. This person should also look out for your best interest. Many people choose their spouse, live-in partner, close friend, or business associate to fulfill this role. Choose a successor attorney-in-fact as well in case your primary choice is unable or unwilling to serve when you need them to do so.

Review your form and answer the questions carefully. You get to choose what financial matters your attorney-in-fact handles for you. You may decide they should handle all of your financial matters if you become incapacitated, or perhaps have a more limited scope.

Mississippi’s standard practice is to notarize or witness a durable or limited power of attorney document the same way as required for a medical power of attorney. Before you sign a power of attorney, find two witnesses who are not related to you or beneficiaries of your estate. Arrange for them to accompany you when you sign a power of attorney in front of a notary. You can usually find a notary on staff at your local bank branch or hire a mobile notary to visit your home.

Once finalized, make copies of your power of attorney. Store the original in a safe deposit box or fireproof cabinet, and provide copies to your attorney-in-fact, family members, and anyone else affected by its contents.

If you need to change or revoke your power of attorney later, you can do so by executing a new one. The new power of attorney automatically cancels out the old one. Once you have a new power of attorney, destroy the original document to avoid confusion. If you wish to merely revoke your current power of attorney, sign a form called a revocation of power of attorney in front of a notary.