To learn about the different types of powers of attorney in Pennsylvania, continue reading and reach out to an experienced Montgomery County PA, POA attorney today.
What are powers of attorney?
With a power of attorney, an individual has the power to select a loved one to manage specific parts of their life in the event that situations arise. Generally, this role is given to a loved one, like a child, parent, spouse, close relative, friend, business partner, etc. Once this person is selected, they can 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 primary purpose of a power of attorney is to have a trusted individual on your side to be able to make important decisions on your behalf if there comes a time where you are unable to do so yourself.
What are the different types of powers of attorney in Pennsylvania?
There are several different types of powers of attorney available to individuals in Pennsylvania, and the right type for you hinges on an individual’s circumstances and goals. Some of the most standard kinds of powers of attorney that people choose from in Pennsylvania include the following:
- General power of attorney: With a general power of attorney, a principal can designate an agent to act on their behalf when it comes to particular financial transactions, including banking matters, stock investments, and more.
- Durable power of attorney: Durable powers of attorney provide an agent with the right to help the principal in a wide array of financial matters. These powers of attorney will be removed upon the principal’s disability or incapacitation.
- Durable power of attorney for healthcare: These powers of attorney provide an agent the right to make specific critical medical decisions on behalf of the principal, in the event that the principal ever became incapacitated or otherwise unable to make these decisions on his or her own. That is why it is crucial that you have a healthcare power of attorney because it is worth having someone available to make these decisions for you.
- Limited power of attorney: Limited powers of attorney appoint an agent for a specific situation. Frequently, these powers of attorney are designed to assist in conducting real estate transactions if an individual is incapable of attending a settlement.
If you have any additional questions about creating a power of attorney in Pennsylvania, it is in your best interest to reach out to our firm today. With the help of a skilled Montgomery County PA, POA attorney, you can ensure that your future is in good hands.
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Friedman Schuman Layser is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman Layser today to schedule a consultation.