The phrase “power of attorney” is used with terrific frequency in the field of estate planning.
A lot so, in truth, that many individuals who earn their living by planning the estates of others frequently forget that this is a regard to art, and its meaning may not be as clear as they believe.
What Is a Power of Attorney?
A plain, run of the mill power of attorney creates a firm relationship between the principal and the representative. The principal is the celebration giving the power, and the representative is the celebration in whom the power is vested. In this circumstance the agent is called an attorney-in-fact and is given composed permission to act upon behalf of the principal, but this does not mean that she or he is a legal representative. This power just lasts till the principal is disarmed or the power is revoked.
Are There Various Kinds of Power of Attorney?
There are a number of different types of power of attorney. The resilient power of attorney allows the grant of power to survive the incapacitation of the principal, therefore making it fit for usage in estate planning. The monetary power of attorney allows the representative to make decisions including all the monetary matters of the incapacitated principal; as such, the choice about who should be given this power is of terrific significance. Likewise, the healthcare power of attorney allows the representative to make health care decisions for the principal, once he or she becomes not able to do so.
To discover more, contact your estate planning attorney today.