There are different types of powers of attorney that allow you to choose an “agent” to deal with everything from your finances to your health care on your behalf. In addition, these powers of attorney can either be defined as a broad power of attorney or a limited power of attorney.
What types of power of attorney are there and what are their scopes?
A broad power of attorney, for example, can give your designated agent full control over all financial decisions from banking to investments. A limited power of attorney, on the other hand, can define a specific task which the agent is allowed to perform, such as withdrawing a mortgage payment from the bank, or making changes to a cell phone plan.
With a durable financial power of attorney, you can choose an agent to handle your assets if you are incapacitated, for example by a heart attack, serious accident, or stroke. A durable financial power of attorney is also appropriate if you are unavailable to make any financial decisions in person and need an agent to represent you.
The person, or agent, you appoint as your financial power of attorney will be able to represent your financial interests and have the legal ability to do everything from communicating with your utility company to inquire about a bill, to managing real estate investments that you own.
See here for more information on health care powers of attorney.
To discuss a power of attorney with our legal team, contact us today.