![]() ![]() Even if you are mentally incapacitated or deemed unfit to make decisions for yourself, your agent can still act on your behalf. Durable Power of AttorneyĪ durable power of attorney gives your agent the right to make decisions and take the actions specified for the long term. It expires when you become incapacitated (unless you make it a durable general power of attorney) or pass away. Typically, the document is used only for a short period of time. Managing your bank accounts and transactionsĪ general power of attorney gives the agent a lot of power - and, thus, responsibility.Below are the five most common types.Ī general power of attorney gives an agent the power to act on your behalf and make business, real estate, financial, and legal decisions, such as paying your bills when you're out of the country or recovering in a hospital after surgery. You may need multiple power of attorney documents depending on your wishes. There are several types of power of attorney and many ways to classify them. An agent is often a caregiver, family member, or close friend, and sometimes it's an attorney.īelow, we'll take a look at the ins and outs of power of attorney, from choosing an agent to drafting the form. 1 Agents have the power to make important legal, financial, and health decisions on behalf of the principal. That's where a power of attorney comes in.Ī power of attorney, also called a POA, is a document that appoints a person (an agent) to act on another's (the principal's) behalf. You're also more likely to have a health situation during which you're unable to express your wishes. There are several different types of power of attorney, and you may need one or more of them depending on your needs and wishes.Īs you age, your ability to make decisions may become compromised.Find out what else your estate plan might be missing. Power of attorney is just one aspect of a well-rounded estate plan. ![]() ![]() Power of attorney is a document used in estate planning that gives individual(s) the power to act on your behalf. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |