Which Type of Power of Attorney is Right For Your Legal Situation?

If you make decisions for yourself and are over the age of 17, you need a power of attorney established.  There are many different types and choosing the right one can simply be a matter of what your needs are at the moment or foreseeable future.  Even young adults may still need to name their parent(s) as power of attorney in the event they become unable to make decisions on their own.  Here are the types of power of attorney documents that may be suitable for your legal situation.

A General Power of Attorney

This is beneficial for maintaining a level of functionality in the event you are unable to.  It could mean you are leaving the country for an extended period of time, entering a long term rehab program or any number of reasons to be away from your affairs.  A general power of attorney will enable the “Attorney in fact” you designate to perform the following duties:

–          Operate your business

–          Access your bank accounts

–          Pay bills

–          Access safety deposit boxes

–          Manage your stocks

–          File state and federal taxes

–          Manage properties and trust funds

Essentially, anything you would normally attend to, to keep your life going, can be handled by a general power of attorney until your return.

A Health Care Power of Attorney

In the event you should fall ill and unable to make decisions regarding your health care, the designated person can make decisions for you.  Your designated individual will be privileged to doctor and patient confidentiality laws in order to make these types of decisions for you, but they will not have access to your finances and cannot pay your medical bills.  You will need a separate power of attorney for that.

A Special Power of Attorney

This situation is generally a short term allocation of power of attorney and is only for a specific transaction.  Once the transaction is complete, the power of attorney will be null and void.  Certain circumstances that may apply to this are when you cannot be present for the buying or selling of real estate or need someone to handle affairs related to your banking or debts.

Revocation of Power of Attorney

Once you have delegated a power of attorney, it will remain as such until the time period set forth or you revoke their power of attorney status.  You have the ability to revoke such powers at any time you see fit.  An attorney is needed to create a power of attorney and also needed to revoke one, but can be done without going into court before a judge.