One of the most important facets of any comprehensive estate plan is establishing a power of attorney. Please continue reading and reach out to our experienced Pennsylvania estate planning attorneys to learn more about the several powers of attorney and how we can help you create one.
Are there different types of powers of attorney in Pennsylvania?
There are many different types of power of attorney available to individuals in Pennsylvania, though they apply to various circumstances, and so you should have a firm grasp of whether the power of attorney you are considering applies to your specific situation. Some of the powers of attorney available are as follows:
- General power of attorney: General powers of attorney allow the principal to designate an agent who will act on their behalf for certain financial transactions, such as real estate transactions, banking matters, and more. Oftentimes, general powers of attorney give the principal power to enter into or dispose of contracts. That being said, an agent may act on a principal’s behalf concerning stocks and other investments.
- Durable power of attorney: These powers of attorney allow an agent to act on your behalf for various affairs, such as opening bank accounts, signing checks, running your business, and more. Durable powers of attorney will be terminated upon the principal’s disability or incapacitation.
- Durable power of attorney for healthcare: Durable powers of attorney for healthcare allow the agent to make key medical and healthcare decisions for the principal if the principal is unconscious or cannot otherwise make these decisions for him/herself.
- Springing power of attorney: Springing powers of attorney give the principal authority to designate an agent for a predetermined moment in time. These powers of attorney only become effective on the date established in the agreement.
- Limited power of attorney: These designate an agent exclusively for a certain situation. In some cases, a limited power of attorney may be enacted if the party is unavailable to conduct a real estate transaction, such as being unavailable for settlement.
If you have any additional questions concerning powers of attorney or any other aspect of your estate plan, please do not hesitate to speak with our knowledgeable Pennsylvania estate planning attorneys today. We are always here to help.
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