Though many people associate power of attorney with granting someone else power to make decisions if they become incapacitated, this tool can be useful in everyday situations and does not require there to be dire circumstances present. A power of attorney can allow another person to make legal decisions, business decisions, financial decisions, real estate decisions, and healthcare decisions on an individual’s behalf. There are several types of power of attorney that are important to consider before making a decision on which best fits the situation.
A general power of attorney allows the agent to act on an individual’s behalf for any matter that the individual themselves would be able to do such as taking out loans, filing taxes, buying or selling real estate, and signing business contracts. It is crucial to only give this power to someone trustworthy who has good intentions.
A limited power of attorney only allows the individual to perform certain actions on one’s behalf. For example, if a spouse cannot be at a real estate closing, the other spouse may want to obtain power of attorney to execute the transaction.
A durable power of attorney allows an agent to make sure one’s end of life care is in accordance with their wishes if they become incapacitated.
A springing power of attorney only goes into effect if an individual becomes incapacitated.
If you need assistance with power of attorney, contact our firm today.
Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation.