General vs. Durable Power of Attorney: Which One Do You Need?
A general vs. durable power of attorney. Which document is right for you? A power of attorney (POA) is a legal document that grants an individual the authority to act on someone else’s behalf. There are two main types of POA: general and durable. In this article, we’ll explore the key differences between these two types of POA. We will help you determine which one you need.
General Power of Attorney:
A general power of attorney is a document that grants an individual the authority to act on someone else’s behalf. The POA documents usually specifies an even or states that the power is valid until the power is revoked. This type of POA is typically used for specific transactions, such as selling a property or managing finances while the grantor is traveling.
The biggest disadvantage to a general power of attorney is the power is always revoked if the grantor becomes incapaicated. As such, this document is almost never used for estate planning.
Durable Power of Attorney:
A durable power of attorney is a document that grants an individual the authority to act on someone else’s behalf. Tt remains in effect even if the grantor becomes incapacitated or unable to make decisions. This type of POA is often used in estate planning and healthcare situations, because it allows a decision maker to be appointed if the grantor is unable to do so.
A POA has one main benefit. Tt provides peace of mind to both the grantor and the agent. It ensures that someone will be able to make important decisions if the grantor becomes incapacitated.
Which One Do You Need?
Deciding whether to use a general or durable power of attorney depends on your individual situation and needs. A general POA is typically used if you want give a specific power to cover a specific event. A durable POA is typically the better option if you want to do estate planning.
When creating a POA, it is important to work with an experienced attorney who can help you understand the implications of each option and ensure that your wishes are properly documented. Additionally, it is important to choose an agent who you trust and who has your best interests in mind.
A power of attorney is an important legal document that can help ensure that your affairs are properly managed if you are unable to do so. By understanding the differences between a general vs. durable power of attorney, you can choose the option that best meets your needs and gives you peace of mind for the future.
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