Do I need to have a power of attorney in place?
A power of attorney is a legal document that entitles a person to appoint an individual or an organization to manage their affairs if that person is unable to do so. A power of attorney can be created for many reasons, ranging from a person who is old with no close relatives to a person who has been diagnosed with a terminal disease or someone who will be traveling or otherwise unavailable for an extended period of time. Trust is the primary factor when considering who to choose as an agent for a power of attorney.
For residents of San Antonio, it’s important to note that there are also several kinds of power of attorneys, and each one has a different level of control.
General Power of Attorney. This is the most common form of power of attorney and gives an individual or an organization broad and sweeping powers to act on a person’s behalf. A general power of attorney is often a part of an estate plan, and can handle all things related to financial and business matters.
Special Power of Attorney. If a person is uncomfortable giving complete control to another under a general power of attorney, an option is to specify exactly what types of affairs a special power of attorney can handle. This may be limited to transactions within a business, managing personal assets or collecting debts, among others.
Health Care Power of Attorney. This gives a person the authority to make medical decisions if a person becomes incapacitated and is unable to care for themselves whether through physical or mental issues.
Durable Power of Attorney. This allows a person to keep a power of attorney agreement in place in case of illness or injury, only after a doctor certifies that a person is not mentally capable of taking care of their own affairs.
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