So many choices!
Pick the one that is right for you
A general Power of Attorney is a document that should be included in every adult’s estate plan. Yes, even if you just turned 18 years old – you should have a general Power of Attorney and medical Power of Attorney even if they are the only documents in your estate plan right now.
Why have a Power of Attorney?
A Power of Attorney allows someone else (your attorney in fact) to make decisions for your finances, property, and medical care. Depending on the Power of Attorney the attorney in fact can handle them anytime or just when you are unable to due to health or incapacity. Sometimes a Power of Attorney is necessary for a spouse to handle the other spouse’s regular affairs. An adult child can help their parent with their banking needs, dealing with agencies, or finding a care facility. A parent can be involved in their college aged child’s medical decisions if necessary or handle their finances if they are injured.
What are your Power of Attorney options?
Durable
A general durable Power of Attorney remains in effect even after you become disabled or incapacitated. So this document will allow your attorney in fact to help with finances, property, and medical at the time you need it most – when you are unable to make those decisions for yourself. A durable Power of Attorney can take affect right away or at a later date.
Springing
A springing general durable Power of Attorney does not become effective until a certain event occurs and then the Power of Attorney springs into action. Usually the qualifying event is disability or incapacity. So this document will not allow your attorney in fact to help with finances, property, and medical while you are healthy and of sound mind. This is a good option if you do not want to give your attorney in fact any powers while you are well. A springing Power of Attorney does require your attending physician to conclusively determine you are disabled – this means the attorney in fact will not be able to act right away. Your attorney in fact will need to take steps before being able to assist with your affairs and this can delay their ability to act on your behalf.
Nondurable
A nondurable Power of Attorney is no longer effective if you become disabled or incapacitated. So this document takes away your attorney in fact’s ability to help while you are unable to receive or evaluate information or to communicate decisions with your attorney in fact.
General vs Limited
A general Power of Attorney allows your attorney in fact to handle almost all of your financial and property matters.
A limited Power of Attorney allows your attorney in fact to handle a specific task or only allows the attorney in fact to act during a limited time period. These documents are helpful if someone needs to sign documents for you and you are out of the country and you are giving the attorney in fact the power to transact on that one matter or if you are leaving for vacation and need someone to handle your finances only during that time period.
You have options.
Most importantly you need to make a choice and make it official so should you need assistance you already have the document in place that will help your loved ones take care of you and ease their stress during a difficult time.