Powers of Attorney
A Power of Attorney lets grants someone else the power to make decisions on their behalf. They generally fall into one of a few categories.
Durable Power of Attorney
A Durable Power of Attorney allows the attorney-of-fact to act or make decisions on behalf of an individual until the individual’s death. It is called Durable, as a traditional Power of Attorney becomes ineffective when the individual becomes incapacitated, either physically or mentally.
Springing Power of Attorney
A Springing or “Trip” Power of Attorney can be considered to be the reverse of a traditional Power of Attorney. It only becomes effective upon the individual becoming incapacitated. It should also specifically indicate the situation in which it becomes effective. Due to privacy concerns, medical professionals may not indicate an individual’s medical situation unless specifically described in the Springing Power of Attorney.
Financial Durable Power of Attorney
A financial Durable Power of Attorney allows an individual to handle your financial affairs. Common scenarios for a Financial Durable Power of Attorney include if you are traveling, or become incapacitated.
Health Care Power of Attorney
A Health Care Power of Attorney allows an someone else to make health care decisions on your behalf. It can be contained within the Durable Power of Attorney. A Health Care Power of Attorney is different from a Health Care Directive, also known as a Living Will. A Health Care Directive serves to state your desired wishes for specific situations, while a Health Care Power of Attorney allows someone else to make that decision on your behalf.
A comprehensive estate plan will include a Health Care Directive and one or multiple Power of Attorney documents.
Life is constantly changing, and you should periodically update your estate plan.
Contact Us to discuss updating or drafting a estate plan today.