There are many ways to prepare your final wishes as you grow older, such as having a will drafted or updated, appointing a power of attorney, or making gifts to reduce the tax burden on your family after you pass away. There are four types of Powers of Attorney, POAs, including:
Limited
General
Durable
Springing
Limited POA
The main reason to having a limited power of attorney is in case you’re going to be away and you need someone to act on your behalf. For instance, if you are traveling and trying to sell your house, you can have someone else take care of the financial transaction aspects for you. A law firm in Palm Coast can help draw up a Limited POA for your specific needs.
General POA
A General POA gives someone you appoint, the attorney-in-fact, the same powers and rights that you have, unless you rescind the POA. It can be used whether you’re incapacitated or simply need help controlling your finances. An attorney at a local law firm can draw up a legal General POA for you.
Durable POA
This document is one of the most common POAs people have. It gives someone they name the decision-making abilities for medical decisions if they are unable to make them. For instance, if you’re on life support and a decision needs to be made about turning it off, the durable POA allows someone you name to make the decision. If you have questions about POAs, go to Website for more information.
Springing POA
This POA is like a Durable POA, but doesn’t go into effect until you’re incapacitated. You should define what is considered incapacitated to trigger it. Contact a
Real Estate Law Firm Palm Coast to get help with a Springing or other types of POAs, wills, and other real estate-planning documents.
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