As someone in a role of power of attorney, you will have specific responsibilities to carry out on behalf of another individual. Another individual has trusted you with this role to make important decisions for them when they cannot do so since they lack a clear state of mind. You will act as an agent for this individual. By consulting with legal documents that list their wishes, you may be able to make better decisions based on their own wishes. Through a legal document, it establishes that a power of attorney has the authority to act for another person. People may wish to choose a friend, family member or even a business entity as their power of attorney. In the end, they should choose someone they trust making important decisions for them. There are a few different types of power of attorneys. The types mostly differ based on the decisions that can be made and the amount of power each agent has on behalf of the other party.
What are the types?
A general power of attorney is someone that is given the authority to conduct the same financial actions that the other individual would perform. These tasks can include filing taxes, executing contracts or borrowing money. As a limited power of attorney, you are an agent that can take certain actions on behalf of another individual. These actions are at the discretion of the individual who gave you the authority. They have the ability to make your power as limited or as broad as they would like. Due to this, a limited power of attorney can vary depending on each situation. Since each individual can make their own tailored kind, they can vastly vary.
When you are unable to make decisions due to an incapacitated nature, your durable power of attorney will have the knowledge to make end of life care decisions for you. Previously, you would have told them how to proceed with certain procedures. You will have told them your take on life support and organ donation, along with other aspects. This individual will ensure that end of life care is done accordingly and can even manage finances according to directions they were given.
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.