What Are the Different Types of Powers of Attorney in Pennsylvania?
There are two different types of powers of attorney in Pennsylvania. Read on and reach out to our skilled Butler County powers of attorney lawyers to learn more. We are on your side.
What is a financial power of attorney?
One of the most important documents you can have in your estate plan is a financial power of attorney. Unfortunately, the documents our firm usually sees are not strong enough.
Keep in mind that while it is the most important document you can have, it can also be the riskiest if it is put into the hands of someone who cannot be trusted or held responsible. In Pennsylvania, once you sign the document, your agent has the ability to step into your role and make decisions without informing you what he or she is doing. There is more to the discussion than just naming an agent and signing a power of attorney. You have to be very clear as to what powers you are giving them. Do they have the power to gift and why might that be especially important down the line? If they are exercising their power, is there anything that needs to be accomplished before doing so?
Financial powers of attorney are often referred to as durable, which means that if you become incapacitated it is still effective. Powers of attorney can be effective immediately or they can become effective sometime in the future, referred to as a springing power of attorney. To learn more, give our firm a call today. We are happy to help you.
What is a health care power of attorney?
Health care directives, which are generally referred to as a health care power of attorney, health care proxy, or healthcare agent, can be split into two parts. The first part is known as a health care power of attorney, which allows an indiviudal to make medical decisions on your behalf in the event that you lose your mental capacity. Unlike a financial (durable) POA, your agent cannot make decisions for you unless you have lost the power to speak or communicate. After you have lost the ability to speak or communicate, your agent can then make those decisions for you. You can allow several people to make the decision for you or can name the agents in successive order. It is expected for families to want multiple people to be able to make the decision, but when it comes to the power of attorney, having a clear pecking order does have its advantages should there be a dispute that would surface in the future.
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Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.
