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Powers of attorney come in all shapes and sizes, but how does one know which type to use, who to appoint, what powers will it include, when will it take effect, how long will it last, who are the successors to these powers, who can or must accept it, do I really need one now, does it need to be recorded, etc.? All very good questions. All of which require some careful consideration.
Typically, there are three broad categories: general or durable powers of attorney, limited powers of attorney and healthcare powers of attorney (more typically in this region referred to as healthcare representative appointments). In each case, the above-referenced factors can vary widely and as suggested by their titles they have varying purposes.
As is often the case, most of us do not think about having such documentation in place until a more urgent need arises. However given the negligible cost and ease of production relative to the value, early implementation can reduce many a headache for unanticipated events, whether financial, health related or simply for greater convenience.
Who’s got your power?
Note: The views expressed are solely the opinion of the author.
Image source: www.openclipart.org – warszawianka’s clipart.