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