![]() ![]() Some states allow a special type of power of attorney form, called a springing durable power of attorney, that allows someone to have power of attorney after a certain event happens. This doesn’t grant non-medical powers, though. These allow people to make medical decisions on your behalf in case you become incapacitated. You could also set up a limited financial power of attorney to let someone take care of your financial matters, but no other aspects of your life. If you’d rather not grant someone that much power, you can grant more a specific power of attorney that gives only certain powers to a person.Ī limited power of attorney may allow someone to sell your home on your behalf. The person that is granted a power of attorney is known as an attorney in fact. Durable Power of AttorneyĬhances are, you’ll need a power of attorney more when you’re incapacitated than when you can make your own decisions.įor that reason, another type of power of attorney exists.Ī durable power of attorney is like a general power of attorney, except it continues to remain in effect after you become incapacitated. This type of power of attorney works while you’re of sound mind, but expires when you become incapacitated. You could technically grant a general power of attorney that allows someone to make all decisions on your behalf. It’s extremely important to very carefully select a power of attorney that you trust would do what you’d want them to do. Unfortunately, this doesn’t always happen. In general, a power of attorney has a fiduciary duty to act in your best interests. There are many different types of power of attorneys you can grant. Power of attorney forms can be useful in a number of different situations. If you don’t consult a professional, you might find yourself in a sticky situation later. You should consult a lawyer before making any power of attorney decisions to make sure you’re not giving up any powers you aren’t aware of. If you move from one state to another, you should review your power of attorney documents to make sure they’re still in effect. ![]() ![]() ![]() It’s important to note that power of attorney forms can vary from state to state based on state laws.Įach state has its own laws governing power of attorney so what may work in one state may not work in another state. These types of legal forms generally give someone else the authority to act on your behalf as if they were you. Comprehensive Coverage Options Ways to Lock in Lower Homeowners Insurance Premiums How to Choose the Right Life Insurance Policy Compare the Different Types of Health Insurance Plans Popular Reviews Progressive GEICO State Farm AIG AllstateĪ power of attorney is essentially a legal document. Banking Best Products Best Savings Accounts Best Checking Accounts Best CD Rates Best Money Market Accounts Best Business Checking Accounts Best Student Checking Accounts Calculate Checking Accounts 101 Emergency Savings Calculator Compare CD Rates Checking Accounts Personal Loans Best Products Best Personal Loans Best Debt Consolidation Loans Best Home Improvement Loans Best Medical Expenses Loans Calculators & Guides Personal Loans Calculator Guide to Personal Loans Guide to Refinancing Student Loans How to Consolidate Credit Card Debt Popular Reviews Upstart Payoff Sofi Lending Club Investing Best Products Where to Invest Money Best Brokerages Best Robo Advisors Read & Learn Investing 101 How to Buy First Stock How to Invest in Mutual Funds How to Pick a Financial Advisor How Much to Save for Retirement Popular Reviews Betterment Merill Edge Wealthfront Insurance Best Products Best Auto Insurance Best Home Insurance Best Life Insurance Best Health Insurance Read & Learn Figure Out How Much Auto Coverage You Need Collision vs. ![]()
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