5 Types of Powers of Attorney

A Power of Attorney is a legal document that allows someone to act on your behalf.

• A Healthcare Power of Attorney allows your attorney-in-fact or agent to make health and medical care decisions.
• A Financial Power of Attorney allows your attorney-in-fact or agent to make financial decisions.
• A Durable Power of Attorney remains in effect if the principal becomes incapacitated. It can be used to allow your agent to manage all of your affairs. A Non-durable Power of Attorney is normally set for a period of time and usually for a specific transaction.
• A Special or Limited Power of Attorney is typically used for one-time financial transactions.
• A Springing Power of Attorney becomes effective if you become incapacitated or are no longer able to make decisions. An Immediate Power of Attorney grants the power to the attorney-in-fact or agent immediately upon execution of the document.

Depending on your needs, an attorney can help you understand which type of Power(s) of Attorney you may need. Each state has laws governing Powers of Attorney.