What would happen if you became sick and could not care for yourself? What if you were in a serious accident and were unconscious? These are conversations people often do not want to have. However, it is important to consider these questions when drafting an estate plan. Your estate plan can include a power of attorney.
A power of attorney is a legal document that gives an agent the ability to act on your behalf if you are incapacitated. Here is what you should know:
What are the different types of powers of attorney?
If you become ill, develop a medical condition, fall into a coma or become otherwise incapacitated, an agent can make decisions in your best interests.
The role of your agent will depend on the type of power of attorney document you create. There are several types of powers of attorney, including the following:
- Medical power of attorney: This agent can access your medical information and talk to doctors about your medical care.
- Financial power of attorney. This agent can access your financial information and pay bills and debts or manage real estate property.
- General power of attorney: This agent can manage your financial affairs and health care.
- Durable power of attorney: This agent takes on the role once a contract is signed and if you become incapacitated.
- Limited power of attorney: This agent has the right to act within a limited capacity for a short time frame.
- Springing power of attorney: This agent only takes effect if you become incapacitated.
It is important to consider what you want your power of attorney document to do. You can reach out for experienced legal guidance to learn more.