The Seven Types of Power of Attorney

As we age, it becomes more difficult to handle our everyday duties, let alone more complex things like managing assets and our own medical care. Cognitive decline isn’t the only time you’d need someone else to step in and care for you—even young people should have powers of attorney in Miami, FL to ensure their affairs are handled in a way of which they approve.

There are seven different powers of attorney you can assign. This overview will introduce you to the possibilities so that you can meet with your estate planning attorney and determine which one is right for you:

• General: A general power of attorney assigns someone to manage your affairs when you cannot. For example, you could be hospitalized and unable to attend to your business, or you might be traveling and need someone to handle your home sale. This general power can be for banking, buying and selling property, filing taxes and even to make gifts, among other useful duties. Choose your general power of attorney very carefully, since this type gives broad power to the agent.
• Medical: Medical power of attorney gives your agent the right to make medical decisions for you, in the event that you’re incapacitated. Medical providers typically cannot act as a power of attorney.
• Financial: This is a limited power of attorney that allows your agent to only handle your financial affairs, should you become incapacitated.
• Childcare: This type of power of attorney in Miami, FL is useful for times when you’ll be away from your children and unable to make medical or legal decisions for them, such as when you’re traveling.
• Durable: A durable power of attorney gives your agent only the power to do what you yourself could do—so, if you were unable to sign a contract because you are mentally and physically incapacitated, neither can they. The power continues even if you are incapacitated.
• Non-durable: Non-durable powers of attorney are for specific, limited transactions or periods of time.
• Springing: Springing powers of attorney become effective as soon as you sign the documents, but the power doesn’t kick in until a triggering event, such as your mental or physical incapacity, when you reach a certain age or a doctor declares you incompetent. This allows you to manage your own business until or unless that triggering event happens.

Choosing a power of attorney is a serious and important task, which is why you should always consult an experienced attorney before making any legally-binding decisions.

Set up your powers of attorney in Miami, FL

Assigning powers of attorney is only one part of the expert estate planning services that Ruben J. Padron, PA offers. No matter how complex your estate may be, we can help you decide how to distribute your assets and assign your powers of attorney. Reach out to us today to learn more about our services and schedule a consultation. We look forward to working with you soon to provide the information and peace of mind you deserve.

Categorised in: Power of Attorney