A power of attorney is a legal document in which the person executing the document, the principal, can appoint an agent, or attorney-in-fact, to act on their behalf. The powers given to this agent may be broad or limited, but it gives the agent the authority to handle different matters regarding the principal’s affairs. The type of power of attorney you create dictates what affairs you are granting power over.
The Different Types of Power of Attorney
There are several different types of powers of attorney, each serving a very specific purpose. You may have the same person handling all of your affairs, or you may want someone to handle your finances and another person to handle your health care decisions. Additionally, powers of attorney differ as to when they take effect. Below are the different types of powers of attorney:
- Durable Power of Attorney
- Non-Durable Power of Attorney
- Springing Power of Attorney
- General Power of Attorney
- Limited Power of Attorney
- Medical Power of Attorney
- Financial Power of Attorney
Contact a Wichita Falls Estate Planning Attorney
If you are interested in creating a comprehensive and full-proof estate plan with the right powers of attorney in place, contact our Wichita Falls estate planning law firm today at 940-569-4000 or fill out the contact form to set up a free, confidential, no-obligation consultation.