It can be difficult to plan for the future, but it is important to do so. One good way to plan ahead is to create a power of attorney with the help of an estate planning lawyer. Read on to learn more about powers of attorney and how they can benefit you in the future.
What is a Power of Attorney?
A power of attorney gives a chosen loved one the ability to make certain decisions on behalf of an individual in the event that they are unable to do so themselves. This can include physical or mental incapacitation. When picking a power of attorney, it is important to be sure they are a person you can trust. Oftentimes, people choose a spouse, child, parent, close relative, friend, business partner, etc. When appointed, this person can pay your bills, make bank deposits/withdrawals, obtain medical records, file tax returns, buy or sell property, hire caretakers, transfer assets to trusts, and more.
How Much Control Does a Power of Attorney Have?
Often, people wonder how much control a power of attorney will have over their lives. The truth is, it’s up to you. Everyone is different and everyone has different circumstances. As a result, there are different types of powers of attorney, and they each allow for different levels of control. The different types of POAs available include:
- Durable or Non-Durable Powers of Attorney: A durable power of attorney grants the agent total control over affairs for an unspecified time. This begins at the moment of incapacitation. A non-durable power of attorney is only used for specific transactions and their authority is limited to just that. Once the transaction is done, the non-durable power of attorney ends.
- Medical Power of Attorney: These are created only for medical-related situations. They are given permission to take care of any medical affairs when the individual is unable to do so for themselves.
- Springing Power of Attorney: These are created in the event of a sudden future event. This may be an injury or mental condition that causes a person to become incapacitated.
If you have any questions or concerns about the estate planning process, reach out to our experienced firm today.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.