When creating an estate plan, it is often beneficial to grant power of attorney to at least one person. The person given power of attorney, known as an attorney-in-fact, has the authority to make decisions on your behalf. Your attorney-in-fact can be anyone you trust: a relative, a spouse, or a close friend.
There are a few types of powers of attorney. A financial power of attorney empowers someone to make financial decisions your behalf, while a healthcare power of attorney permits your designee to make important medical decisions regarding things like life support and surgeries. A power of attorney can be limited to only the specific matters you choose, or it can be general and cover any decision you would ordinarily make for yourself. Finally, a power of attorney may be immediate, giving your attorney-in-fact authority to act for you right away, or it may be springing, meaning that your designee only gains authority to act if you become incapacitated.
To learn more about the different types of powers of attorney and which one is right for you, contact one our estate planning attorneys at 317-825-5110.
This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion of any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.