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Types of Power of Attorney

 

Being active is a good thing more so when old age catches up. One can take this opportunity to draft a will or a trust. The will help your family settle disputes that may arise when inheriting your properties once you are gone. Planning how to handle your life when you are disabled or incapacitated is also good just like drafting a will. The issues of who to handle your medical issues and planning of finances when you can no longer do it yourself because you have been incapacitated should be planned before such an event happen and be included in planning living willdocuments such as power of attorney.

 

The power of attorneyis the documents that give one power to act on behalf of some else in matters pertaining to financials decisions and arising medical issues. The person bestowed of the power of attorney will be in a position to decide on your behalf which hospital to take you and the kind treatment you will be given in the said hospital. The agent will manage how your finances will be used and how the money will be invested. The above reason makes it important to have the power of attorney because when you become incapacitated without the planning document you may end having nothing courtesy of your greedy relatives.

 

There are different types of power of attorney. The first power of attorney is the general power of attorney. This is where one grants the agent authority to deal in more diverse areas of your life in the event you become incapacitated. The agent can be able to sell off your real estate, can be able to handle issues arising from the people who depend on you and the agent can enter into a legal binding contract on your behalf. The second type of power of attorney is a limited power of attorney.

 

The limited power of attorney as the name suggests does not involve many areas of your life. This kind of power of attorney is given to the agent to handle specific concern that you cannot handle at the moment because either you are sick or you are out of the country and there are things that should be taken care of. The third power of attorney is a durable power of attorney. The durable of attorney bestows the agent to powers to handle all issues even after you are back from the foreign county or when you were sick but still want someone else to manage your assets. For further details regarding lawyers, go to http://www.dictionary.com/browse/attorney.