Powers of Attorney
A Power of Attorney is a written document that lets you (the principal) appoints a trusted person, or organization, to act as an agent on your behalf, thus conferring authority on the agent to perform certain acts or functions, such as handle financial, health or legal matter, on behalf of you. Powers of attorney can be as broad, or as limited, as needed in anticipation of future events. Your signature must be on the power of attorney document in order to make the document legally binding.
Powers of attorney can be used as a method to protect you and your loved ones. Making these decisions in advance can greatly benefit those involved when the time comes for seeking assistance through programs such as Medicaid.
There are four main types of Power of Attorney. The type of Power of Attorney that is best for you will greatly depend on 1) how much authority you want your designated agent to have 2) when you want your agent to start acting on your behalf 3) and if you want your Power of Attorney to include an end date for your agent's authority to cease on your behalf.
Different Types of Powers of Attorney include:
Limited Power of Attorney. A Limited Power of Attorney allows you to authorize a person you trust to make decisions on your behalf for a limited period of time, or in certain circumstances. The Limited Power of Attorney ends if you become incapacitated or die. You also have the right to specify an end date end in the document.
General Power of Attorney. A General Power of Attorney allows you to authorize a trusted person the authority to do whatever you can do. Think very carefully before signing this type of document. It should be used sparingly. This document ends when you become incapacitated or die.
Durable Power of Attorney. A Durable Power of Attorney allows you to authorize a trusted person to continue to act on your behalf if you become incapacitated. This document will end upon your death. As soon as you sign a Durable Power of Attorney, it can take effect. If you do not specify that you want your power of attorney to be "durable", it will automatically end if you later become incapacitated.
The Kennedy West law firm can provide you with any type of power of attorney services that you may need.
