What is a power of attorney

The four types of power of attorney

When creating a living trust, you’re required to appoint a power of attorney who will act in your place when you’re incapacitated.

Here are four types of power of attorney that can help you make an informed decision.

  1. General – your power of attorney can perform any act, including opening financial accounts and signing financial documents.
  2. Limited – your power of attorney acts for a limited purpose, e.g. they can sign a lease when you can’t.
  3. Durable – your power of attorney act on your behalf and remains in effect after you become incapacitated.
  4. Springing – your power of attorney only becomes effective after you’re incapacitated.

For more information about establishing a power of attorney, contact Granholm & Gynac to consult with a family attorney.

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