Caring for a loved one can mean assuming a major role in areas of their life, such as finances. It is not a step that should be taken lightly, but one made with deliberation and reason. Quite often, assuming power of attorney is the path a caregiver follows.
At the Law Offices of Kenneth J. Steinberg, P.A., we are experienced with a power of attorney in Raleigh, NC, and we’re happy to provide information here. We believe this will prove beneficial for anyone caring for an elderly or infirm loved one. There is four x power of attorney (POA) options to consider.
General POA allows the agent to perform almost any act as principal, such as managing personal finances. This arrangement is ended when the principal is incapacitated, revokes it, or dies.
Durable POA is similar to the general version but includes a clause to maintain the POA after the principal becomes incapacitated.
Limited or special POA gives the agent specific abilities for a restricted area. It allows the principal to sell the home, for example.
The final type to know about is springing durable power of attorney. It applies in some states and comes into effect or springs into effect when a specific event occurs, such as the principal becoming incapacitated.