A power of attorney is a legal document that allows you to select an agent or attorney-in-fact. The person you choose has the authority to make financial and legal decisions on your behalf if you are unable to do so.
What if I Change My Mind?
A power of attorney can be revoked if you no longer believe you can trust the agent or attorney-in-fact. As long as you are mentally competent, you can update your power of attorney documents and pick a different person you believe is more reliable and trustworthy.
Who Should I Select to Carry Out My Wishes?
The person you choose to serve as your agent or attorney-in-fact largely depends on the specific powers you plan to grant and the type of relationship you have with the individual. Some people choose their spouse, while others might choose a different loved one or business partner. You should consult with an estate planning lawyer to determine which person is right for the type of power of attorney you decide to use.
What Is the Difference Between a Limited & General Power of Attorney?
A limited power of attorney gives your agent the authority to complete restricted transactions, such as selling your property. A general power of attorney allows your agent to do just about anything you could do. Most people include general power of attorneys in their estate plans in case they need someone to handle financial matters as they age or if they become incapacitated.
What Is a Springing Power of Attorney?
A springing power of attorney goes into effect in a predetermined situation. This type of power of attorney specifies the exact circumstances under which the agent will be granted authority.
What Is a Durable Power of Attorney?
A durable power of attorney continues to be in effect after the individual is incapacitated. So if you can’t make financial or medical decisions due to accident injuries or a medical condition, then the durable power of attorney will remain in effect.
What Is a Medical Power of Attorney?
With a medical power of attorney, you name a person who knows your wishes regarding medical treatment and can make decisions for you as a proxy. This is sometimes referred to as a health care proxy. A medical power of attorney can accompany a living will, which states your wishes for continuing life support if you’re terminally ill.
Our seasoned estate planning lawyers at a Dorcey Law Firm are here to assist if you have more questions about choosing the right power of attorney for you. To set up a consultation with our legal team in Fort Myers, please give us a call today at (239) 309-2870.