Appointing a power of attorney may be one of the most important steps in your estate planning journey. There are multiple kinds of powers of attorney, so it is important to have an experienced Pennsylvania estate planning attorney on your side to ensure you are making the right choices. At Heritage Elder Law & Estate Planning, we are committed to ensuring you and your future are protected. Contact us today to learn more.
What is a Power of Attorney in Pennsylvania?
A power of attorney is appointed so that an individual can have the legal right to manage certain things on behalf of another person in the event that they are unable to do so. Usually, this role is given to a loved one, such as a child, parent, spouse, close relative, friend, business partner, etc. Once this person is selected, they are able to pay 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 purpose 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 unable to do so.
What are the different types of powers of attorney in Pennsylvania?
There are several different types of powers of attorney in the state of Pennsylvania. This is so that individuals with varying circumstances and desires can choose an option that best suits them and their loved ones. Below are some of the most common types of powers of attorney in Pennsylvania:
- General power of attorney: A general power of attorney is when the principal gives an agent the right to make certain financial transactions on their behalf, in the event that they ever become incapacitated or unable to make financial decisions for themselves. These decisions can involve banking matters, certain investments, and more.
- Limited power of attorney: This type of power of attorney appoints an agent for a certain specific situation, such as in the case where the principal is unavailable or unable to conduct certain business matters on their own.
- Springing power of attorney: A springing power of attorney will only come into play at a predetermined moment in time. If the triggering event occurs, the agent is able to act on behalf of the principal.
- Durable power of attorney for healthcare: This is arguably the most important type of power of attorney because it gives an agent the legal right to make certain critical medical decisions on behalf of their loved one, in the event that the person becomes incapacitated and incapable of making those decisions on his or her own.
- Durable power of attorney: This power of attorney gives an agent the right to handle various financial matters, such as sign checks and open bank accounts on behalf of the principal. Therefore, once the principal becomes incapacitated, the durable power of attorney will be terminated.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team that you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.