Power of Attorney (POA)
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.
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. 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 attorney 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.
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 attorney to develop a comprehensive strategy for now and in the future.
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 very 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 an attorney with knowledge of the laws in your state. Doing it right provides peace of mind.
A Legal Plan is the Easy, Affordable Solution
Starting at just $24.95 per month, a Legal Plan from LegalShield gets access to an entire provider law firm in your state.
It’s the simple, stress-free way to cross this critical item off your task list.
- Advice & Consultation: Have questions? A legal plan lets you speak to an experienced estate planning attorney about an unlimited number of personal legal issues. If they're not available at the time, your provider attorney will always call you back in 4 business hours or less.
- Last Will & Testament: Your provider attorney will collect information from you, draft a Last Will & Testament for you, and provide consultation about the document. Our provider attorneys are committed to preparing your Will in 5 business days or less.
- Power of Attorney: Your provider attorney can prepare a Power of Attorney and consult with you about the document.
- Living Will: Your provider attorney can create an Advanced Directive document, also known as a Living Will.
- Annual Updates: Get a provider attorney to update your Will every year as your life changes, at no additional charge.