Different Kinds of Powers of Attorney

Many people know they should have a Will, but Powers of Attorney (POAs) may be even more important because they assist you during your lifetime.

Many people recognize they should have a Will.  But, in many situations, the most important planning document may be a well-drafted power of attorney as described in The Miami News-Record’s recent article entitled “Power of attorney options match different circumstances.”

When a person can’t make his or her own decisions because of health, injury, or other circumstances, a power of attorney (POA) is essential. A POA is implemented to help their loved ones make important decisions on their behalf. It helps guide decision-making, enhances comfort and provides the best care for those who can’t ask for it themselves. A POA permits the named individual to manage their affairs.  Unlike a Will, the client themselves are at risk if they don’t have a POA.

To know which type of POA is appropriate for a given circumstance, you should know about each one and how they can offer help. Now, keep in mind there more different kinds of powers of attorney than what I discuss here, but these apply to virtually everyone at some point.

Durable Financial Power of Attorney. This is the most common and is the default for most planning. These give a person decision making authority limited to the powers provided in it.  The term “durable” means that it continues to be in effect when you are incapacitated.

Some of the key issues to determine are whether you give the agent the ability to make gifts, including to whom they can gift, the ability to change beneficiary designations, change your estate planning documents and other issues.

Springing Power of Attorney. One key issue of the POA is when it starts.  For example, it can be effective immediately upon the execution of the documents, or it can start once the POA creator becomes incapacitated.  This is a “springing” power of attorney because it “springs” into action upon the event of incapacitated.   Some people may not feel comfortable granting someone else power of attorney, while they’re healthy. This POA takes effect only upon a specified event, condition, or date.

Medical Power of Attorney. Especially in a hospice setting, it permits another person to make medical decisions on the patient’s behalf, if they lose the ability to communicate. This includes decisions about treatment. In this situation, the agent takes the role of patient advocate and communicates with the physicians.

Limited Power of Attorney. This POA provides the agent with the authority to handle financial, investment and banking issues. It’s usually used for one-time transactions, when the principal is unable to complete them due to incapacitation, illness, or other commitments.  The most obvious example is a limited POA for real estate transactions.

Powers of attorney are far more complex and important than people realize, and the law changes on them frequently.  There are many other reasons to update your estate plan as well such as described here https://www.galliganmanning.com/twelve-reasons-to-update-your-estate-plan/   If you don’t have this document, ask a qualified elder law or estate planning attorney to help you create one.

Reference: The Miami (OK) News-Record (July 7, 2020) “Power of attorney options match different circumstances”

This Post Has 27 Comments

  1. zortilonrel

    Absolutely written subject material, Really enjoyed reading.

  2. Nice read, I just passed this onto a friend who was doing a little research on that. And he actually bought me lunch as I found it for him smile Therefore let me rephrase that: Thanks for lunch! “A thing is not necessarily true because a man dies for it.” by Oscar Fingall O’Flahertie Wills Wilde.

  3. Cora

    Hi colleagues, its enormous article regarding tutoringand completely explained, keep it
    up all the time.

  4. Rich

    Post writing is also a fun, if you be acquainted with afterward you can write if not it
    is difficult to write.

  5. web.jmjh.tn.edu.tw

    Hey! I know this is somewhat off topic but I was wondering which blog platform are you using for this website?
    I’m getting sick and tired of WordPress because I’ve had issues
    with hackers and I’m looking at options for another platform.
    I would be fantastic if you could point me in the direction of a
    good platform.

    Feel free to surf to my blog post :: Nitro Strive Reviews (web.jmjh.tn.edu.tw)

  6. forum.chilkat.io

    Admiring the commitment you put into your
    website and detailed information you present.

    It’s good to come across a blog every once in a
    while that isn’t the same old rehashed information. Wonderful
    read! I’ve bookmarked your site and I’m including your RSS feeds to my Google account.

    Also visit my website … Leafy Living CBD Oil (forum.chilkat.io)

  7. I love what you guys are usually up too. This sort of clever work and exposure!
    Keep up the terrific works guys I’ve included you guys to my blogroll.

    Have a look at my web page: Allura Fresh Cream [deletedbyfacebook.com]

  8. Ernesto

    Hello, i think that i saw you visited my site thus i came to “return the favor”.I’m trying to find
    things to enhance my web site!I suppose its ok to use some of your ideas!!

  9. Florentina

    Hi, the whole thing is going sound here and ofcourse every one is sharing facts,
    that’s truly fine, keep up writing.

  10. I have been exploring for a little bit for any high quality articles or blog posts in this kind
    of area . Exploring in Yahoo I at last stumbled upon this website.
    Reading this info So i’m happy to express that I’ve a very good uncanny feeling I found
    out exactly what I needed. I so much undoubtedly will make sure to do not disregard this web site and provides it a look regularly.

    Also visit my homepage Oracle Leaf Gold CBD

  11. rushpools.com

    You actually make it seem so easy with your presentation but I find this matter to be actually something that I think I would never understand.
    It seems too complicated and extremely broad for me. I am looking forward for your
    next post, I will try to get the hang of it!

    Check out my webpage :: rushpools.com

  12. Joni

    I real delighted to find this website on bing, just what I was searching for 😀 as
    well saved to fav.

    Feel free to surf to my page … Joni

  13. Eu não tenho como saber se seria só comigo ou se talvez alguém encontrou algum problema com seu artigo.
    Parece como que alguns dos textos dentro do seu conteúdo está
    aparecendo fora da tela. Pode outra pessoa por favor dar um feedback para eu saber se isso está acontecendo só
    comigo. Isso pode ser um erro com meu navegador, eu vi acontecer a
    mesma coisa com outro blog anteriormente. Desde já agradeço!

  14. cruzenews.com

    Hey just wanted to give you a quick heads up. The words in your post seem to be running off the screen in Opera.

    I’m not sure if this is a formatting issue or something to do with browser compatibility but
    I thought I’d post to let you know. The layout look
    great though! Hope you get the problem solved soon. Thanks

    Feel free to surf to my blog Mermber XXL Reviews [cruzenews.com]

  15. Rhino Spark

    Thank you so much pertaining to giving me an update on this theme on your website.
    Please realise that if a completely new post becomes available or in the event any modifications occur about the current article,
    I would consider reading more and knowing how to make good utilization of those approaches you share.
    Thanks for your time and consideration of other men and women by making this blog available.

    My web page – Rhino Spark

  16. vanlifewiki.co.uk

    Excelente a forma como escreve! Comecei a acompanhar
    o site faz pouco tempo e estou impressionado com a qualidade
    . Parabéns pelo trabalho!

  17. I actually still can not quite think that I could often be one of those reading the
    important suggestions found on your blog. My family and I are
    really thankful for your generosity and for giving me the chance to
    pursue my own chosen career path. Appreciate your sharing the important information I obtained from your web-site.

    My web-site – Nature Fused Anti Aging Cream

  18. Leaf Max CBD

    I conceive you have noted some very interesting points, thank you
    for the post.

    Also visit my page; Leaf Max CBD

  19. lose thigh fat

    This is really interesting, You are a very professioal blogger.
    I have joined your rss feed and stay up for in search of extgra off your fantastic post.
    Also, I have shared your website in mmy social networks

  20. Forest Hasan

    I absolutely love your blog.. Very nice colors & theme.
    Did you create this site yourself? Please reply back as I?m attempting to
    create my own site and want to find out where you got this from
    or just what the theme is named. Cheers!

  21. Sabrina Woodley

    Thanks so much regarding giving me personally an update on this issue on your website.
    Please understand that if a new post appears or in the event any modifications
    occur with the current write-up, I would want to consider reading a lot more and focusing on how to
    make good using of those methods you write about. Thanks for your time
    and consideration of people by making this
    website available.

  22. Leslee

    I have learn a few good stuff here. Certainly worth bookmarking for
    revisiting. I wonder how so much attempt you set to make this kind of magnificent informative website.

  23. Corey

    I am not sure where you’re getting your information, but good topic.

    I needs to spend some time learning much more or understanding more.

    Thanks for magnificent info I was looking for this info for my mission.

Leave a Reply