Powers of attorney are one of the most important elements in an estate plan. To learn more about the different types available in Pennsylvania, do not hesitate to reach out to our firm today. Our legal team is committed to ensuring that you and your future are protected. Give us a call today to speak with our skilled Pennsylvania POA attorneys.
What is a power of attorney in Pennsylvania?
The objective of a power of attorney is to permit an individual to appoint a loved one with the authority and legal right to control specific elements of their life in the event that particular situations surface. Generally, this authority is provided to a loved one, like a child, parent, spouse, close relative, friend, business partner, etc. Once this person is selected, they are able to pay your bills, make bank deposits and withdrawals, have entry to medical records, file tax returns, buy or sell property, hire caretakers, transfer assets into trusts, and more. The main goal of a power of attorney is to have someone you can trust to be able to make critical decisions on your behalf in the event that you are unable to do so.
What are the different kinds of powers of attorney?
- General power of attorney: A general power of attorney allows a principal to appoint 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 provide an agent the freedom to make certain critical medical decisions on behalf of the principal, should the principal ever become incapacitated or otherwise unable of making these decisions on his or her own. It is important that you create a healthcare power of attorney, as it is very important to have someone you trust established to make these important decisions if you are unable to do so for yourself.
- Durable power of attorney: Durable powers of attorney provide an agent the freedom to help the principal in a wide display of financial matters. These powers of attorney will be removed upon the principal’s disability or incapacitation.
- Limited power of attorney: Limited powers of attorney appoint an agent for a distinctive situation. Frequently, these powers of attorney are created to help in executing real estate transactions if an individual is incapable of attending a settlement.
It is in your best interest to reach out to our firm today if you have questions or concerns about which power of attorney might be best for you. Our legal team is here for you.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. Contact Friedman Schuman today to schedule a consultation.