A power of attorney, or several, is an essential element of your estate plan. It allows someone to act on your behalf when you are unable to.
There are several different types to consider, including:
1. A springing power of attorney
Someone with a springing power of attorney will not have any power over you or your affairs unless a certain event occurs. You dictate what that is. So, in the instance of a financial power of attorney, you might set things up so they only get that power once you have been in a coma for a week. Or only once the doctors are over 50% sure you will not recover within enough to take charge of your affairs within the next three months.
2. A limited power of attorney
People use limited powers of attorney to give someone the power to do something once and only once, usually. For example, to sell your house if you are ill enough to need to move into a nursing home.
3. A durable power of attorney
Durable powers of attorney will just run until you retract them. For example, you could give your sister power of attorney to make payments from one of your accounts to your doctor as and when needed.
4. A healthcare power of attorney
You could give your partner healthcare power of attorney to enable them to explain your treatment wishes to doctors. It could be useful if you believe your family would otherwise try and overrule your partner in their attempts to exercise your wishes
With appropriate legal guidance, you can learn more about the various powers of attorney on offer and create and manage any you need.
