Attorney Mary Szondy has been setting up powers of attorney for more than a decade. Ready to execute a power of attorney for yourself or a loved one? Contact Mary Szondy today.
What is power of attorney?
Power of attorney is a legal document executed by an individual that bestows the authority to act on his or her behalf in legal and financial matters to another person.
Individuals create powers of attorney for the possibility they may become ill or incapacitated.
What are the different types of power of attorney?
There are four main types of power of attorney:
- Limited. Someone can act on your behalf for a limited purpose, such as signing a document for you when you’re out of town.
- General. Your attorney-in-fact can act on your behalf and perform all the legal and financial functions you would normally do, such as pay bills, make financial decisions, sign documents, and so forth.
- Durable. A durable power of attorney remains in effect after you become incapacitated. Without a durable power of attorney, a court would have to appoint a guardian or conservator in the event of your incapacitation.
- Springing. A springing power of attorney is like a durable power of attorney, but it only goes into effect if you become incapacitated.
Who should I choose as my power of attorney?
As the name implies, giving someone power of attorney gives them quite a bit of control over your finances and affairs. It’s important that the person you choose be someone you trust completely and who shares your belief system.
Many people choose their spouse or adult child to be their attorney-in-fact, but you can choose anyone you like and trust.