Planning for your future is a critical part of life. While a power of attorney can be beneficial in the future, you may also find that it is beneficial for the present. A power of attorney is a document that allows another person to make financial decisions on your behalf, among other things. There are a number of different types of power of attorney that may fit your situation better than another. Some situations even require a person to have multiple powers of attorney to make sure they are covered in a variety of situations. Of course, no one can predict the future so it is better to be safe than sorry and appoint a trusted individual to have power of attorney.
A general power of attorney allows you to appoint someone, known as an agent, to act on your behalf in a variety of situations. A general power of attorney may be used for real estate transactions, banking matters, or any other matter that requires your signature.
A limited power of attorney is only for one specific situation. For example, if you and your spouse are purchasing a home but you will not be there on closing day, it is important to obtain a limited power of attorney so they can sign on your behalf. In situations like this, the real estate attorney may request that you obtain a limited power of attorney even if you already have a general power of attorney.
A durable power of attorney will allow an agent to act on your behalf for a very broad scale. However, a durable power of attorney, unlike a general power of attorney, remains effective even if you become disabled.
If you need assistance drafting a power of attorney, contact our firm today.
Anderson, Converse & Fennick is an experienced law firm in York County, Pennsylvania focusing on Education Law, Family Law, Estate Planning, and Civil Litigation matters. If you need a knowledgeable attorney that will effectively represent your interests, contact Anderson, Converse & Fennick today.