A power of attorney is an estate planning document that can dictate who can make decisions for you whether financially or about your healthcare when you are incapable of doing so any longer. The attorney-in-fact or agent acts in your place at this time. An estate planning lawyer can help you to understand the four different types to choose from, so you can make the most informed decision for your life.
Types of power of attorney
There are four types of power of attorney:
- General: The general power of attorney gives your attorney-in-fact all the powers and/or rights you have yourself. They can sign documents for you, pay bills, and conduct other financial decisions for you. You can use this if you aren’t incapacitated, but still need someone to help you with finances. It usually ends when you die or are incapacitated unless you decide to cancel the agreement.
- Durable: A durable power of attorney can be general, but stay in effect even after you become incapacitated. Without this, if you become incapacitated, no one can represent you unless the court appoints a conservator. A durable power of attorney stays into effect until you die or until you rescind it.
- Limited: A limited power of attorney gives someone the power to act on your behalf for a limited purpose. This can mean they can sign a deed for you when you’re in the hospital or out of town. This usually ends after the act mentioned in the agreement is completed.
- Springing: A springing power of attorney allows an attorney-in-fact to act for you if you may become incapacitated, but doesn’t come into effective until that happens.
Call to Schedule a Consultation With a Kentucky Estate Planning Lawyer Today
If you are interested in a power of attorney and want to learn about the four different types, call to schedule a consultation with a Kentucky estate planning lawyer. Our experienced legal team at The Jaeger Firm are ready to give you legal advice that helps you to make an informed decision about the estate planning tool that will work best for you. For more information, contact The Jaeger Firm at 859-342-4500 and speak to one of our compassionate professionals. We serve the cities of Erlanger, Edgewood, Union and surrounding Kenton County and Boone County communities.