The Five Different Types of Powers of Attorney and What You Need to Know About Each

Written by Christopher W. Dumm, The Law Office of Christopher W. Dumm

A full 47 percent of men and 58 percent of women will need some form of long-term care in their lifetime and many more will need simple help from loved ones to accomplish daily tasks. When you arrive at this stage of life — and hopefully it won’t be anytime soon — you will be glad that you took the time to make the power of attorney designations which ensure family members can look after your financial and medical needs should you lose the ability to do so yourself. 

A power of attorney is a legal document that allows a person to designate a loved one (or a trusted professional) to act on their behalf should they become incapacitated. Powers of attorney are also sometimes used to accomplish such tasks as closing the purchase of a home when the buyer cannot be physically present. The authority granted by a power of attorney can be vast, so it is important to consult an experienced estate planning attorney when executing these documents.

Learn about the five types of powers of attorney, and read the rest of the article, here.