Estate Planning Lawyer

A power of attorney is a document you’ll make which outlines an agent who you want to act on your behalf if you are unable to do certain things. This is often when you are incapacitated due to aging, injury or illness. The agent you choose in your power of attorney is someone who will be expected to place your interests ahead of his or her own. This is why it’s important you choose someone you trust. In a power of attorney, you can give the agent power to make financial decisions, monetary gifts, guardian recommendations and healthcare decisions. The following are four types of power of attorneys.

General

A general power of attorney allows the agent to do almost anything you would normally do. This includes managing your money, opening new bank accounts, making purchases, transferring money, paying medical bills and anything else similar to these actions. If you become incapacitated, the court terminates the power of attorney arrangement. It would also be terminated if you died or revoked the power yourself.

Durable

A durable power of attorney allows an agent to make all the abovementioned decisions even after you become incapacitated. While a general power of attorney may be used while you are fit to make your own decisions and possibly just out of the country, a durable power of attorney extends beyond that to a time in which injury or illness would prohibit your ability to make decisions. Your durable power of attorney agent could make medical decisions if you are in a coma, for example.

Special

There are special circumstances in which someone might appoint a special power of attorney to handle one specific thing. For example, if you are going to be out of the country, but you need to sell your home in the states, you could appoint someone as a special power of attorney, simply to conduct the sale of your home. Once the sale has been finalized, that individual has no more authority over your estate.

Springing

Just as it sounds, a springing power of attorney “springs” into action when a certain event occurs in your life. This is often when you are incapacitated and unable to handle your own affairs. Although this may sound similar to a durable power of attorney, it’s different because a durable power of attorney is in effect from the time the document is signed. A springing power of attorney is not in effect until the event specified occurs.

Getting Your Affairs In Order

You never know when something unexpected will happen, which is why it’s important to get your affairs in order as soon as possible. Contact an estate planning lawyer, such as from Citadel Law Firm, to get started today.