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Family Law For Men.
Estate Planning And Elder Law For Everyone.

Family Law For Men.
Estate Planning And Elder Law For Everyone.

Power of attorney: the importance of planning ahead

by | Dec 9, 2020 | Blog

A power of attorney is a legal document that grants authority to a third party to act on your behalf if something happens to you where you become incapacitated. Single people have more risk if they do not have a power of attorney. Reuters explains that married couples generally have joint assets, but single people must designate a person to handle their affairs.

Power of attorney may be one of the most important estate planning documents that you need.

Types of power of attorney

There are several types of power of attorney. The documents include:

  • General power of attorney
  • Limited power of attorney
  • Durable power of attorney
  • Healthcare power of attorney

The difference between a general power of attorney and a limited power of attorney is the power that it gives your agent. A general power of attorney gives a person the power to transfer funds, assets and to handle other financial matters. Under general power of attorney, an agent has the same power that you do. An agent appointed with a limited power of attorney has limitations. You can appoint someone to perform specific tasks. A durable power of attorney is for financial matters, whereas a healthcare power of attorney is for your medical care.

The importance of power of attorney

Illness, accidents and other life events can strike at any time. If you become incapacitated without a power of attorney, it is up to your family to figure out what steps to take. Your family may have to go before a judge to declare you incompetent. You can detail your power of attorney to ensure that your agent must follow your wishes.