Haynie Wealth Management
Types of Powers of Attorney
Tarantino Law, PLLC • August 5, 2021
Here at Tarantino Law, PLLC, we want to help you with all of your estate planning needs. For most people, one of those needs is setting up a power of attorney, which involves designating someone who will be able to make important medical and/or financial decisions for them in the event that they become incapacitated. There are also more types of powers of attorney, and we’ll be going over the most common varieties in this article so that you can decide which one(s) you are likely to need.
- General Power of Attorney- A general power of attorney gives your chosen representative broad powers to act on your behalf. When you grant someone this power, they will be able to make financial and business transactions in your place, settle claims, make gifts, employ professional help, and more. General power of attorney is almost always included in an estate plan in order to make sure that someone is able to act on your behalf should you become incapacitated.
- Health Care Power of Attorney- As the name suggests, a health care power of attorney grants someone the power to make medical decisions on your behalf. In the event that you become incapacitated or otherwise unable to make your wishes known, your agent will be able to make those decisions for you based on what you have instructed them to do in that situation.
- Durable Power of Attorney- A durable power of attorney is similar to the above varieties, but has a stipulation that the effect remains in place for the long term. This type of power of attorney is used as a safeguard against problems that may arise should you become mentally incompetent–in that circumstance, where you won’t be able to make decisions for yourself going forward, the power of attorney would remain in place to ensure that you were taken care of.
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