An important part of all well-rounded estate plans is establishing one or more power of attorney. Please continue reading and speak with our knowledgeable Butler County estate planning attorneys to learn more about the various powers of attorney and how they may benefit you and your family in the long run.
What are the different types of powers of attorney?
There are several different types of powers of attorney, and though they all serve a purpose, you will have to select the one that serves your needs the best. Each power of attorney has a different function, so it is important you know the difference between each power of attorney before proceeding. Some types of powers of attorney available to individuals in Pennsylvania are as follows:
- General power of attorney: When someone creates a general power of attorney, they will designate an agent to act on their behalf for certain financial transactions, such as banking matters. These powers of attorney may give the principal the right to create or terminate contracts, however, an agent can still act on behalf of the principal when it comes to certain investments.
- Durable power of attorney for healthcare: This is an extremely important power of attorney to create, as doing so will give a trusted loved one the right to make certain critical medical and healthcare decisions on your behalf, should you be unconscious, incapacitated, or otherwise unable to make those decisions on your own.
- Durable power of attorney: A durable power of attorney gives the agent you appoint the legal authority to open bank accounts, sign checks, or even run your business. However, you should note that once the principal becomes incapacitated, the power of attorney will be terminated.
- Limited power of attorney: A limited power of attorney designates an agent for a certain situation, such as a party being unavailable or otherwise unable to conduct business matters, such as a real estate transaction, on their own.
- Springing power of attorney: These give the principal the legal right to designate an agent for a predetermined moment in time, or springing action. Once this event occurs, the power of attorney will take effect.
If you have any additional questions, or you believe you are ready to get started on your estate plan/add a power of attorney to your existing estate plan, look no further–our seasoned Pennsylvania estate planning attorneys are here to help. Give us a call today.
Contact our experienced Pennsylvania firm
Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team 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.