Types Of Powers Of Attorney
In many emergency situations it is important to have a Power of Attorney. Powers of Attorney are a simple and useful Estate Planning document that everyone over the age of 18 should have executed. It’s important to know that not all Power of Attorneys are created equal.
Here is a brief overview of the different types of power:
A General Power of Attorney is a document that allows you to appoint a person or organization to manage your financial affairs if you become unable to do so.
A Durable Power of Attorney means that the agreement will remain valid if you were to become incapacitated and unable to make decisions on your own. This does not automatically apply to all Power of Attorney’s so it’s important for it to be explicitly said in the document.
A Medical Power of Attorney allows for medical decisions to be made on your behalf if you become unable to do so.
Of course, a quick consultation with your lawyer can easily identify what kind is best for your circumstances.