Powers of attorney are written authorizations to act or represent on the behalf of an individual in private, business, and medical affairs. Our Virginia Beach estate planning team explains how these useful tools can help keep your interests intact should the unspeakable happen.
Types of Powers of Attorney
There are four main types of powers of attorney that serve specific purposes and allow certain actions to be taken by a named party. Each type gives the appointee, also known as an agent, the ability to make decisions on your behalf with varying levels of control. The different types of powers of attorney include:
- General Power of Attorney: Where the agent can perform almost any action as the principal, such as opening financial accounts and managing personal finances. It is terminated when the principal becomes incapacitated, revokes the power of attorney, or passes away.
- Durable Power of Attorney: This holds the same abilities as general power of attorney, but remains in place even when the principal has become incapacitated.
- Limited Power of Attorney: When the agent has limited ability to perform actions on the principal’s behalf.
- Springing Durable Power of Attorney: This power of attorney only goes into effect when a specific event occurs or if the principal becomes suddenly incapacitated.
Why Establish Powers of Attorney
The primary benefit of powers of attorney is the ability to place your interests and important tasks in the capable hands of someone you trust should you ever become unable to make decisions for yourself. This can include determining medical treatments, paying taxes, and making financial decisions in the best interests of you and your loved ones.
You are able to appoint multiple agents to work on your behalf. Alongside the ability to decide whether they are to act separately or jointly, multiple agents can ensure sound judgments are being made while checking and balancing one another.
Get in Touch With TrustBuilders Law Group Today
It is no secret that passing away is a certainty for everyone. While illness and injury can happen at any time, having a proper plan in place should the worst occur will always ensure your interests and your loved ones are well taken care of.
To find out more about how we can help you plan for the future, reach us today using our online contact form or give us a call at (757) 500-5135 to schedule a consultation!