What is a Power of Attorney?
Powers of attorney are available in a variety of forms, each designed to serve a purpose. They are valuable assets in any estate-planning effort.
There are four types of power of attorney documents, and you should closely examine each one to establish which will work best for you when you need an individual to act in your place
Limited Power of Attorney
If you require someone to act on your behalf for a specific purpose, a limited power of attorney is necessary. Generally, the document specifies the date or time at which the power expires.
General Power of Attorney
This is a thorough, all-inclusive durable power of attorney. You are transferring all of your personal authority and rights to a specific party or individual through this document. Although a general power of attorney is frequently used in situations where the Principal is incapacitated, it can also be used by individuals who lack the time, skills, knowledge, or ability to manage all of their financial affairs. The authority you grant lasts as long as you do, unless you choose to revoke it prior to that time.
Durable Power of Attorney
These are usually used in cases where you worry about becoming disabled in the future. With the Durable Power of Attorney, the power of the party or individual continues indefinitely after you can’t make your own decisions legally or incapacitated.
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