Different Types of Power of Attorney Available
A power of attorney is a legal document that allows you to appoint someone else to act on your behalf. In legal terms, the person being appointed is known as the agent or attorney-in-fact, and the person appointing the agent is known as the principal. The agent is given the authority to make legal, financial, and medical decisions for the principal.
Not all power of attorney gives full authorization for everything. Some are more limited to specific transactions, while others cover all legal and financial matters.
There are different kinds of power attorney. Each one is designed for a specific purpose. Understanding the different types of power of attorney can help you make the right choice that suits your needs. Whether you want to give someone broad powers to act on your behalf or limit their authority to a specific task or timeframe, Pennsylvania law provides several options.
It is best to discuss your options with a Yardley estate planning lawyer. This blog gives an overview of the different types of power of attorney available to help you better understand your options.
Different Types of Power of Attorney
In Pennsylvania, there are several types of power of attorney that you can choose from, each with its own specific purposes and limitations.
General Power of Attorney
This is the broadest version of power of attorney. General power of attorney allows the agent to manage your finances, sign contracts, and make any legal or business decisions.
Limited Power of Attorney
This document limits the powers granted to the agent to a specific task or timeframe, such as handling a real estate transaction or managing a business during a temporary absence.
Springing Power of Attorney
This type becomes effective only when a specific event occurs, such as when you become incapacitated or cannot make decisions for yourself.
Medical Power of Attorney
Unfortunately, bad things happen to us. If you are too sick to make healthcare decisions for yourself, having a power of attorney lets you decide who can make those important decisions for you.
Financial Power of Attorney
This type of power of attorney allows the agent you appoint to manage your finances and make financial decisions on your behalf.
Durable Power of Attorney
Of all the types mentioned, you might wonder — what is a durable power of attorney? This type of power of attorney is a little different. If you have a non-durable power of attorney, your agent is unable to continue managing your estate if you become incapacitated. But with a durable power of attorney, the agent’s authority continues even if you become incapacitated in some way, like falling into a coma.
How Olen Law Offices Can Help
Choosing the right type of power of attorney has significant implications for your financial and personal affairs. No matter what type of power of attorney you need, it’s important to consult with a Yardley estate planning attorney to ensure that your wishes are properly documented and legally enforceable. The Olen Law Office has extensive experience dealing with power of attorney. We would love to help you create what works best for you. Give us a call today at 215-943-5343 to appoint your power of attorney.