Powers of attorney are one of the most useful tools in estate planning. To learn more, reach out to our firm today and speak with one of our skilled Butler County estate planning and probate attorneys.
What is a power of attorney in Pennsylvania?
The purpose of a power of attorney is so that a person can appoint an individual with the legal right to manage certain matters on their behalf in the event that they are unable to do so. Typically, this role is assigned to a loved one, such as a child, parent, spouse, close relative, friend, business partner, etc. Once this person is picked, 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 biggest role of a power of attorney is to have someone you can trust to be able to make critical decisions in case you are in a situation where you cannot do so on your own.
What are the different kinds of powers of attorney?
There are a number of different kinds of powers of attorney in Pennsylvania. This is the case so that individuals with diverse circumstances and desires can select an option that best serves them and their loved ones. Below are some of the most common types of powers of attorney offered in Pennsylvania:
- General power of attorney: A general power of attorney is used when the principal provides an agent with 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 concern banking matters, certain investments, and more.
- Limited power of attorney: This kind of power of attorney designates an agent for a certain situation, for example 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 occur 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 refers to one of the most important types 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 unable of making those decisions on his or her own.
- Durable power of attorney: This gives an agent the right to handle various financial matters, such as signing checks and opening bank accounts on behalf of the principal. Thus, once the principal becomes incapacitated, the durable power of attorney will be terminated.
Reach out to our firm today to learn more about how our experienced butler County estate planning and probate attorneys can help you.
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.