Power of Attorney Vs. Durable Power of Attorney: What You need to Know
Published on September 10, 2018 by Muenter Law
Some facts are difficult to consider or accept, but they need to be addressed nonetheless. One such fact is that most Americans will suffer an illness, injury, or incapacitation before their death. Beyond the physical implications of an illness or injury, it is also critical to make plans that protect your financial assets moving forward. Electing a trustworthy and capable power of attorney is one essential way to protect your estate in the case of an illness or injury in the future.
What Is Power of Attorney?
A power of attorney is a legal document that grants one person (called the agent) the power to act on behalf of another person (called the principal). Since a power of attorney can be structured in many different ways, the agent can have power that is unlimited, very limited, or anywhere in between. In most cases, the agent is responsible for making legal decisions about the principal’s finances, medical care, or estate when the principal is injured, ill, or otherwise unable to make decisions. Any trusted adult can be appointed as power of attorney, like a spouse, friend, or relative.
What Is a Durable Power of Attorney?
Some power of attorney is narrow in nature, like granting a family member power of attorney to sign the deed to your new house if you are unable to attend your closing. Other power of attorney arrangements address needs for long-term care. This is known as durable power of attorney.
Durable power of attorney remains in effect even if the principal becomes mentally incapacitated and cannot give the agent instructions or guidelines. If you take the time to select your durable power of attorney and determine the scope of power and control your agent can have during your lifetime, you can rest assured that your affairs will still be maintained in any unexpected or emergency situation.
Create Your Own Power of Attorney Documents
Selecting the terms of your power of attorney is a serious matter, so you need the best and most experienced help to draw up your documents. Attorney Kimberly K. Muenter is an Elder Law attorney who serves residents of Tampa, Florida with comprehensive power of attorney services.
You can work with Attorney Muenter to select the best power of attorney to fit your needs, identify the ideal agent, make appropriate provisions, and ensure your legal, financial, and medical comfort down the road. Call (813) 906-1064 to get started!
Tampa FL 33614