A Power of Attorney (POA) is a legal document that lets you grant another person (Agent) the authority to make specified decisions on your behalf while you are still alive. There are many types of POAs. Some of the most common are:
- Durable Power of Attorney – allows the Agent to immediately and indefinitely act on your behalf by making financial and/or health related decisions for you, unless revoked or terminated.
- Non-Durable Power of Attorney - allows the Agent to act on your behalf by making financial and/or health related decisions for you unless you become incapacitated or die.
- Medical power of attorney – also known as an advance directive - allows the agent to make health care decisions for you when you have been declared mentally incapacitated by the physician.
- General Power of Attorney - allows the Agent to perform a broad range of financial, business, and legal actions/decisions for you but ends if you become incapacitated (unless it’s durable) or die. State statutes may restrict the powers granted under a general power of attorney.
- Medical Power of Attorney - also known as an Advance Health Care Directive - allows the Agent to make health care decisions for you when you have been declared mentally incapacitated by the physician.
- Limited (Special) Power of Attorney - allows the Agent to perform a specific task or act for a limited period or under certain conditions on your behalf. This type of power of attorney expires once the specific task has been completed.
- Springing Power of Attorney - allows the Agent to act on your behalf only if a certain event or condition occurs, such as incapacity.
An Executor, also known as a Personal Representative, is appointed by you in your Will to handle the assets of your estate after you die, per the instructions you provided in the Will.
A Trustee is a person or company appointed in a Trust document to manage and disburse Trust property per the responsibilities and instructions outlined by you in the Trust. If you establish a Trust, you can name an individual to be the Trustee, or you can name a Corporate Trustee. A Corporate Trustee is a Trust Company or Bank Trust Department that you name to manage your assets and take on the role Trustee, Co-Trustee, Investment Agent, or Successor Trustee during different phases of the life of your Trust. Click here to learn the benefits of a Trust and the Trust Services provided, as well as here to learn the benefits of choosing a Corporate Trustee.
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This content is intended to be used as a source for general information and is not provided as legal advice.