There are many reasons to have a power of attorney, and with various types to choose from, one is bound to fit your needs. If an emergency arises, you want to ensure your estate, healthcare decisions, and family are in good hands. Our Fort Lauderdale team outlines the different types of power of attorney, their function, and why you would need one.
What Is A Power of Attorney?
A power of attorney (POA) is a legal document that allows another person, referred to as an agent, to handle your finances, make health care decisions, or care for your children if you become incapacitated. It is reported that over half of adults in the U.S have a power of attorney in place. There are various types of POAs, and having a better understanding of each helps when choosing the one that fits your needs. Let’s explore the most common types below.
Durable Power of Attorney
A durable power of attorney allows your agent to continue to make decisions on your behalf after becoming incapacitated, for example, if you fall in a coma. The assigned agent will be able to make decisions on finances or healthcare.
Non-Durable Power of Attorney
Unlike a durable power of attorney, a non-durable power of attorney will expire if you become incapacitated or pass away. Though non-durable POAs are not as helpful in estate planning, they can be utilized if you need an agent to manage your day-to-day finances.
Medical Power of Attorney
A medical power of attorney allows your agent to make healthcare decisions for you. This type of POA can only be used once a physician declares you mentally incompetent.
General Power of Attorney
With a general power of attorney, you allow your agent broad power to act on your behalf in decisions concerning matters such as filing taxes or paying bills. This type of POA can be durable or non-durable.
Limited (Special) Power of Attorney
A limited POA provides your agent the authority to act on your behalf but for a specific task and expires once said task is completed. This POA may grant your agent the ability to write a check on your behalf, for example, but not to have access to your bank accounts.
Springing Power of Attorney
A springing POA goes into effect when a specified event occurs—commonly used by military personnel who may want a POA to go into effect if they get deployed overseas. Additionally, this POA can also be set for specific times, such as when someone becomes incapacitated or dies.
How We Can Help
It is important to seek the guidance of an attorney to assist you when dealing with a power of attorney. At Adrian Philip Thomas, P.A. we understand that planning for the future can seem like an intimidating task when handled by yourself. We are dedicated to providing our clients with a smooth and efficient process for you and your family.
If you are looking for knowledgeable and experienced legal representation, contact us today through our website or give us a call at (800) 776-3103 to schedule your consultation today!