A power of attorney makes it easier for loved ones to care for you if you become incapacitated. At any time during your life, an accident or illness could incapacitate you. Without a Financial Power of Attorney, your loved one may not be able to handle your financial affairs.
Types of Financial Powers of Attorney
A power of attorney should be “durable,” which means that it is binding even if you become incapacitated. While you might need a guardian or conservator, that process can take months – having a durable power of attorney for your finances allows a trusted loved one to make decisions on your behalf immediately.
Additionally, your Power of Attorney can either be effective immediately or “springing.” If you sign a power of attorney that does not include specific events which trigger its effectiveness, it goes into effect immediately upon execution of the document. The person you named can immediately handle your affairs.
Alternatively, if your power of attorney includes limitations that one or more doctors must determine your incapacity in writing prior to the power of attorney being effective, it is a “springing” power of attorney. In this instance, the person named as agent can only handle your affairs after the criteria is met and documented by your physician.
The decision whether your power of attorney should be immediate or springing is a personal one and depends on your circumstances, who you are naming as agent, the level of trust you have for the agent, and many other factors. If you need a power of attorney or wish to create an estate plan, contact our Georgia estate planning attorneys at Grissom Law, LLC for a consultation.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.