The Basics of Power of Attorneys: Understanding the Different Types and Their Uses
A power of attorney (POA) is a legal document that gives someone else the authority to make decisions on your behalf.
There are different types of POAs, and each one has its own specific uses. Here's an overview of the basics of power of attorneys.
The first type of POA is a general power of attorney.
This type of POA gives the person you appoint (called your attorney) the authority to make decisions about your property and financial affairs.
This could include paying bills, managing your bank accounts, and making investments on your behalf.
The second type of POA is a specific power of attorney. This type of POA only applies to specific decisions or situations.
For example, you may give someone a specific POA to sell your house, or to make medical decisions on your behalf if you're unable to do so.
The third type of POA is a continuing power of attorney.
This type of POA remains in effect even if you become mentally incapacitated. This means that your attorney can continue to make decisions on your behalf if you're unable to do so.
It's important to note that a POA does not give your attorney the authority to make decisions about your personal care, such as medical treatment or where you live.
For that, you'll need to have a separate document called a power of attorney for personal care.
When choosing an attorney, it's important to pick someone you trust and who is capable of making decisions in your best interests.
You should also discuss your wishes and expectations with your attorney before giving them a POA.
In conclusion, a power of attorney is a legal document that gives someone else the authority to make decisions on your behalf.
There are different types of POAs, including general, specific, and continuing POAs. It's important to choose an attorney you trust and to discuss your wishes with them before giving them a POA.