What Are the Different Types of Power of Attorney?

What Are the Different Types of Power of Attorney?

What Are the Different Types of Power of Attorney?

Power of attorney is a very useful legal instrument that can be utilized in a variety of applications. A POA gives another person the legal authority to officially act on behalf of the primary individual who needs assistance in some form for personal issues. There are basically four types of power of attorney that can be selected based on the specific need. The power of attorney assignment can be limited as well as an overall power to act in your stead regardless of the legal need, and having multiple powers of attorney is not necessarily uncommon. It is also not necessary to have an attorney overseeing the assignment, but it is always an advantage to consult with a Reno estate planning attorney before finalizing the designation because it is a considerable amount of authority for handling your personal affairs.

General POA

A general POA assignment is the most typical because it allows the designated individual to handle any and all affairs of primary signatory. This is a serious decision because the individual holding POA authority can make any decision for any reason, including the transfer or selling of real estate and personal property. This works well in situations of high trust, but should be thoroughly evaluated beforehand because the assignment can be contested legally and there is little legal recourse when someone acts unexpectedly.

Durable POA

A durable POA is the most practical assignment because the authority can be set for a specific duration and can be ordered to end with a certain event or at a specific date. However, it is not necessary for authority to end at a predesignated time, as the designating individual can terminate the arrangement as they wish. Durable POA works well in instances where it is only needed temporarily.

Medical POA

A medical POA is used for specific decisions regarding healthcare or decisions that must be made when an individual is undergoing a serious medical procedure such as a surgery that could result in incapacitation. It is most effective when the designation is established well beforehand and triggered to become effective in the event of a medical calamity of any sort. The designated individual has the authority to make health-based decisions only while the primary person is not capable.

Financial POA

A financial POA is also a very common legal tool in certain situations of high trust, and can still be needed in some instances when a spouse cannot legally make a decision regarding certain financial affairs. Having a financial POA in place provides security that the right individual will have the legal authority to act when it is necessary regarding financial decisions, and designating a spouse or a close family member is common. This should be a component of any comprehensive estate plan.

Contact a Reno Estate Planning Attorney

POA designations are very important for adults of all ages in the event of a personal crisis. Individuals in the Reno area should contact the estate planning professionals at Merrill Law for a full evaluation of your personal estate planning needs.

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