You can also create a durable power of attorney that becomes effective immediately or becomes effective upon the occurrence or happening of an event. Known as a “springing durable power of attorney,” this type of power of attorney becomes effective only after you become legally incompetent or mentally unable to make decisions. Your attorney can help you decide which type of power of attorney document would effectively address your legal needs.
People create powers of attorney for many different reasons. One reason you may want to consider allowing another person to make legal decisions on your behalf is if you need help with your financial affairs. You can give your agent or attorney-in-fact a financial power of attorney authorizing him to make financial decisions on your behalf. Perhaps you need assistance managing your everyday affairs. You may even allow your attorney-in-fact to make financial business decisions.
The business powers of attorney allows someone else to help you take care of your business responsibilities. By giving another person a power of attorney, you can share your work responsibilities thereby effectively reducing your workload. By discussing your needs, your attorney can draft a power of attorney specifically suited to your personal estate planning needs.
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