If you’re like most people, you understand the importance of creating an estate plan during the course of your life. That being said, creating a comprehensive estate plan may be more involved than you think, as estate planning is more than simply writing a will. One critical piece of estate planning is creating one or more powers of attorney. Read on and reach out to our experienced Pennsylvania estate planning attorneys to learn more about powers of attorney and how they may benefit you.
What are the different types of powers of attorney available in Pennsylvania?
In Pennsylvania, there are many different powers of attorney to choose from, and each serves different purposes for different individuals. Some of the most common types of powers of attorney in Pennsylvania are as follows:
- 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, should they ever become incapacitated or unable to make these financial decisions on their own. These decisions can include banking matters, certain investments, and more.
- Limited power of attorney: This type of power of attorney designates an agent for a certain specific situation, such as the principal being unavailable or unable to conduct certain business matters on their own.
- Springing power of attorney: A springing power of attorney will only take effect at a predetermined moment in time. Once the triggering event occurs, the agent can act on behalf of the principal.
- Durable power of attorney for healthcare: This is perhaps the most important type of power of attorney, as it gives an agent the right to make certain critical medical decisions on behalf of their loved one, should that person become incapacitated and unable to make those decisions on his or her own.
- Durable power of attorney: This power of attorney gives an agent the right to handle various financial affairs, such as sign checks and open bank accounts on behalf of the principal. That being said, once the principal becomes incapacitated, the durable power of attorney will be terminated.
For any further questions regarding powers of attorney here in Pennsylvania, please do not hesitate to speak with our knowledgeable Pennsylvania estate planning attorneys today. We have helped countless individuals draft comprehensive estate plans to suit their needs for years, and we are ready to do the same for you.
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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.