One of the most significant elements of an estate plan is creating a power of attorney. Powers of attorney give an individual the ability to appoint a person of their choice to be able to make decisions on their behalf in the event that they are unable to do so themselves. If you have questions about which power of attorney option will work best for you and your family, keep reading and contact our firm to speak with a skilled Pennsylvania estate planning attorney.
What is a Power of Attorney in Pennsylvania?
The purpose of a power of attorney is to allow an individual to appoint a loved one with the authority and legal right to manage certain elements of their life in the event that certain situations arise. Typically, this authority is given to a loved one, like a child, parent, spouse, close relative, friend, business partner, etc. Once this person is appointed, they are able to pay your bills, make bank deposits and withdrawals, have access to medical records, file tax returns, buy or sell property, hire caretakers, transfer assets into trusts, and more. The main objective of a power of attorney is to have someone who you can trust to be able to make important decisions on your behalf in the event that you are incapable of doing so.
What are the different kinds of Powers of Attorney?
- General power of attorney: A general power of attorney authorizes 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 incapable of making these decisions on his or her own. It is crucial that you create a healthcare power of attorney, as it is very important to have someone you trust appointed to make these important decisions in the event that you are unable to do so yourself.
- Durable power of attorney: Durable powers of attorney give an agent the right to help 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 aid in conducting real estate transactions if an individual is unable to attend a settlement.
If you have questions or concerns about which power of attorney might be best for you, do not hesitate to contact our skilled Pennsylvania estate planning attorneys today to discuss your options.
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