A Power of Attorney (POA) delegates someone you trust to handle various tasks on your behalf. They are commonly used to ensure that directives and decisions are carried out in your best interests if you are unable to do so because of an illness or injury. There are several different types that are written tailored to the responsibilities you wish to delegate.
1. Medical POA – This is a durable power of attorney used to make healthcare decisions when you are unable to speak for yourself. Your appointed person can only make decisions for you if you are not of sound mind and body.
2. Durable POA – A durable POA stays in effect for your lifetime unless you cancel it. It gives power whether or not you are incapacitated and can be used for a variety of reasons and assigned responsibilities.
3. Conventional POA – This type of POA is used for a specific, usually one-time task, such as signing a contract, handling a financial matter, or buying and selling investments. It is commonly used when you will be away and unreachable but can also be used to have someone manage a particular investment for you.
4. Springing POA – This type of POA kicks in only due to the triggering event called for in the document. It can be used to grant responsibilities should you become incapacitated or some other potential outcome happens.
If you would like to know more about how a power of attorney can be used in your situation and receive assistance with deciding the type and the responsibilities to be involved, give us a call at Meadows & Aderhold, P.A. We can help you decide if you should have a power of attorney and how to decide the right person to assign this power. We can also help you if you need to cancel a POA and replace it with something else. Call today to learn more.