4 Types of Powers of Attorney You Can Obtain
4 Types of Powers of Attorney You Can Obtain
A power of attorney is not limited to the legal actions permitted by a lawyer. Instead, it is a document that legally allows one person to give another person the right to act for them for a long-term situation or for a single circumstance. The power to act can be inclusive, extensive, or limited in scope, and it can include a financial decision, health matter, or distribution of property. The POA can last your lifetime, or the document can be limited to the actions of the other party for a particular time, case, or event. Here are four types of POAs you may obtain.
- Durable
When a durable POA is signed, it sits on a shelf until an event occurs that sets it into motion. Once the power of attorney is in effect, it stays active for the entire life of the individual – unless it is revoked. The document permits the agent to handle daily affairs, even if the principal is incapacitated.
- Conventional
The standard or conventional POA takes effect the moment it is signed, but the moment the individual becomes incapacitated, the power of attorney becomes void. The actions allowed in this type of power are specific, limited, and common. People can choose to make the powers broader and longer-lasting, but that is uncommon.
- Medical
The medical POA is a durable type of document that addresses only healthcare decisions. If the principal is of sound mind and body, this power of attorney will not go into effect. Although the documents are of a durable nature, many last only until the individual has recovered and is able to fend for themselves.
- Springing
The springing POA only “springs” into action when a specified event or problem occurs, which makes this power of attorney unusual. This type of POA is also known as a “conditional” document and is related to the durable POAs because it lasts the lifetime of the individual once it goes into effect. Military personnel often use it when they are deployed, and the power of attorney can be set up to spring into effect in case of mental incompetence.
Contact an Attorney
If you have questions about setting up a POA, contact an estate planning attorney today. Knowing you can choose who controls aspects of your life if you become debilitated can bring you peace of mind and allow you the freedom to look positively into the future. Contact a lawyer, like an estate planning lawyer from the Yee Law Group, today to begin the process of drafting your power of attorney.
