Power of Attorney Made Easy
Knowing that your affairs will be taken care of when you can’t take care of them yourself is reassuring. Whether you become permanently incapacitated or just temporarily unable to make important decisions, having a Power of Attorney that allows a family member or other trusted advisor to make sound medical and financial decisions is a critical part of a comprehensive estate plan.
5 types of Powers of Attorney
A Power of Attorney is a legal document which allows someone to act on your behalf.
- A Healthcare Power of Attorney allows your attorney-in-fact or agent to make health and medical care decisions.
- A Financial Power of Attorney allows your attorney-in-fact or agent to make financial decisions.
- A Durable Power of Attorney remains in effect if the principal becomes incapacitated. It can be used to allow your agent to manage all of your affairs. A Non-durable Power of Attorney is normally set for a period of time and usually for a specific transaction.
- A Special or Limited Power of Attorney is typically used for one-time financial transactions.
- A Springing Power of Attorney becomes effective if you become incapacitated or are no longer able to make decisions. An Immediate Power of Attorney grants the power to the attorney-in-fact or agent immediately upon execution of the document.
Depending on your needs, your provider lawyer can help you understand which type of Power(s) of Attorney you may need. Each state has laws governing Powers of Attorney. Join LegalShield today and contact your provider law firm for assistance.
Choose the best Power of Attorney to fit your needs
While a quick Google search may make it seem obvious which type of Power of Attorney you need, there can be legal and medical factors you’re not aware of that warrant creating one type over another.
Also, if you want to create a Power of Attorney to be used much later in life that can flex as circumstances change, it’s important to consider scenarios that may not be clear to you at this time.
The best way to pick the right type of Power of Attorney is to work with an experienced lawyer to develop a comprehensive strategy for now and in the future.
Rest easy knowing it’s done right
Using a Power of Attorney, you can appoint any competent person over the age of 18 to be your attorney-in-fact. You may also appoint financial institutions. However, keep in mind that this is a large responsibility to hand over to an individual. It’s critical that you choose thoughtfully and wisely.
Laws vary from state to state, and what seems like a small legal loophole can make legal documents unenforceable. The last thing you want is to have a bank or medical institution refuse to honor your Power of Attorney right when you need it most.
To make sure your Power of Attorney is legally binding, work with a lawyer with knowledge of the laws in your state. Doing it right provides peace of mind.
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Frequently Asked Questions
Estate planning lawyers help create legal documents such as will, power of attorney, and living trust so your wishes are clear and legally protected. They ensure that everything is done right so your family doesn’t have to figure it out later.
If you don’t have an estate plan, the government decides who gets your belongings and who raises your kids, not you. A plan lets you control what happens and takes the burden off your family during an already difficult time.
No, a Will is just one part of an estate plan. A complete estate plan usually also includes a power of attorney, a living will, and sometimes, a trust.
While you’re not required to use a lawyer, we strongly advise using one to make sure that your documents are prepared correctly. If they’re not, the court may reject them. A lawyer makes sure that your plan holds up when your family needs it most.
Most people need a will, a durable power of attorney, and a living will. A trust may also make sense, depending on your situation.
There’s now time like the present to plan, because life is unpredictable. You don’t need to be old or wealthy to have a plan. If you have kids, own anything, or care who makes medical decisions for you, plan today.
A lawyer can help people clearly outline how their assets should be distributed after they pass away. Lawyers ensure all documents are legally sound and tailored to meet your personal and family needs. Also, they can help set up trusts, name executors, and update plans as life circumstances change, offering peace of mind and legal protection.
For over 50 years, LegalShield has made it affordable and easy for its members to connect with its network of vetted, dedicated law firms across the United States and parts of Canada. Lawyers average 22 years of experience. Please note that LegalShield provides access to legal services offered by a network of provider law firms to its members.
It’s the process of deciding what happens to your money, home, and assets after you pass away, and who makes decisions for you if you’re too sick to speak for yourself.
Generally speaking, it’s a good idea to get legal advice on any Wills and estates issues to ensure that your rights, and those of your loved ones, are protected.
Pretty much everyone. If you have kids, own anything, have money in a bank account, or care about what happens to your things after you’re gone, an estate plan is a good idea.
Instead of paying a lawyer by the hour, you pay a small membership fee for access to a provider law firm in your state for the legal services membership you select. Prices and coverage vary depending on the membership services you select.
Hiring lawyers the usual way can cost hundreds per hour. But with LegalShield you pay a recurring fee and get access to experienced lawyers who can help with any number of estate planning issues.
Your law firm advises on probate under every plan. Premium members qualify for simplified probate when the provider firm prepared the Will, available 180 days after membership starts and where state law allows.
Membership applications are reviewed within 72 hours. Once approved, you can contact your lawyer and use all the perks of your membership.
Plans start at $39.95 a month with no hourly fees for covered documents. A trust on the Premium plan has a $250 fee per person.
LegalShield Membership applications are reviewed within 72 hours. Once your membership is approved, contact your law firm to start your Will right away. No waiting period applies for the preparation of a Will.