Creating a comprehensive estate plan is something that everyone should do, as creating an estate plan can protect your assets and so much more. One of the most important aspects of estate planning is creating one or more powers of attorney. There are various types of powers of attorney, and each type serves its own purpose. Read on and reach out to our experienced Pennsylvania estate planning attorneys to learn more about powers of attorney, their functions, and how we can help you craft one that best serves your needs.
What are the different types of powers of attorney available in Pennsylvania?
As previously mentioned, there are various types of powers of attorney available to individuals in Pennsylvania, and the right type for you depends on your circumstances and your goals. Some of the most common types of powers of attorney that people create in PA are as follows:
- General power of attorney: A general power of attorney allows a principal to designate an agent to act on their behalf when it comes to certain financial transactions, such as banking matters, stock investments, and more.
- Durable power of attorney for healthcare: These powers of attorney give an agent the right to make certain critical medical decisions on behalf of the principal, should the principal ever become incapacitated or otherwise unable to make these decisions on his or her own. As you can see, it is critical that you create a healthcare power of attorney, as it pays to have someone you trust appointed to make these important decisions.
- Durable power of attorney: Durable powers of attorney give an agent the right to assist the principal in a wide array of financial matters. These powers of attorney will be terminated upon the principal’s disability or incapacitation.
- Limited power of attorney: Limited powers of attorney designate an agent for a specific situation. Oftentimes, these powers of attorney are created to assist in conducting real estate transactions if an individual is unable to attend a settlement.
For any further questions regarding creating a power of attorney here in Pennsylvania, our experienced Pennsylvania estate planning attorneys are ready to assist you. All you have to do is pick up the phone and give us a call.
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