Power of Attorney
A written authorization which allows someone you pick to act on your behalf in the scope you specify for either financial or healthcare matters. These are important documents to have because it allows someone you choose to manage your affairs if you are incapacitated. These can prevent the need for later conservatorship proceedings.
Financial versus Healthcare Power of Attorney
Typically an advance healthcare directive contains a healthcare power of attorney provision and are discussed here. A financial power of attorney is focused upon activities including but not limited to paying debts, taking out lines of credit, selling property, managing money, and many other actions.
General versus Limited Power of Attorney
A general power of attorney provides a broad scope of action for the person acting as your agent, while a limited power of attorney provides narrow and specific range of actions that you determine for your agent.
Durable versus Non-Durable Power of Attorney
Durable power of attorneys persist after creator becomes incompetent, but non-durable power of attorneys terminate upon the creator's incapacity.
Springing versus Non-Springing Power of Attorney
A springing power of attorney becomes effective upon the incompetency of the creator, which requires the opinion of a medical professional. By contrast, a non-springing power of attorney comes into effect on the day it is signed by the creator and grants your agent the authority to act that same day.
Modifications or Revocations of a Power of Attorney
A power of attorney can be modified or revoked at any time by the creator as long as they remain competent. Typically methods of revocation are destroying all copies of the power of attorney, creating a written revocation, or executing a new power of attorney that contains a provision revoking all prior powers of attorney.