The types of Powers of Attorney are:
- General Power of Attorney
- Special Power of Attorney
- Durable Power of Attorney
- Springing Power of Attorney
This is a document where the Principal gives the agent or attorney-in-fact the broad power to manage the Principal’s assets and affairs while the Principal is living. Power is given to the agent to do any and all acts the Principal can perform.
This is a limited document where the Principal gives the agent the right to act on the Principal’s behalf under specific, clearly defined circumstances.
This document allows an agent to manage the Principal’s affairs when he or she becomes incapable of doing so on their own. This is the most common Power of Attorney and allows an agent to manage the Principal’s assets and make decisions on his or her behalf when or if the Principal is incapacitated, becomes legally incompetent, or is directed by the Principal to use the power.
This power is a type of Durable Power of Attorney that only comes into effect after certain conditions are met, typically when the principal becomes disabled or mentally incompetent. It is different from a Durable Power of Attorney because it only takes effect after the Principal is incapacitated.
The types of Powers of Attorney and which one you should utilize in your Estate Plan can be complicated.
REP Law has experienced attorneys to help walk you through what will work best for your situation.
Having a Power of Attorney in place is crucial.
It allows you agent to manage your affairs if you become incapable of doing so. Not having a power of attorney may require the court to deem someone your agent, which can be time consuming and costly.
By creating a Power of Attorney, you know who your agent will be and that he or she can manage your affairs regardless of your physical condition.
In addition, your loved ones will not have to determine who should have that power.
REP Law includes the Powers of Attorney in your Trust Package and can also draft them individually for your specific needs.
Call our office for a free consultation and learn more about how your Estate Plan can benefit from these powers.