What are the different types of powers of attorney?
A power of attorney (POA) is an important estate planning tool that allows someone to appoint someone else to make decisions on their behalf. In West Virginia, there are two main types of POAs: general power of attorney and limited power of attorney. A general power of attorney allows the appointed person (called an agent or attorney-in-fact) to handle any financial or legal matters on behalf of the person creating the POA (called the principal). The agent can access accounts, sign contracts, and manage investments, for example. A limited power of attorney, on the other hand, only allows the agent to take specific actions as defined in the document. The agent can only act on the principal’s behalf in the limited situations and powers defined in the document. West Virginia also recognizes special types of POAs that are typically used in healthcare situations. A healthcare power of attorney allows someone to appoint an agent to make medical decisions on behalf of the principal if they become incapacitated. Similarly, a durable power of attorney for healthcare is a document that gives the agent the power to make medical decisions for the principal if they are incapacitated. In West Virginia, it is important to confer with an experienced estate planning attorney before creating a POA. An attorney can help make sure you understand all of the implications and legal requirements of all types of POAs.
Related FAQs
What is the difference between heirship and intestacy?What is a self-settled trust?
What is anancillaryadministration?
How is a trust taxed?
How does a trust work to protect assets for future generations?
What is a perpetual trust?
What is a trust document?
What is a non-judicial settlement agreement?
What is a living will?
What is a grantor trust?
Related Blog Posts
Understanding the Basics of Inheritance Laws: A Guide to Successfully Navigating State and Federal Statutes - July 31, 2023How to Ensure Your Estate Plan Reflects Your Wishes Through Inheritance Laws - August 7, 2023
Protect Your Rights as a Beneficiary: Understanding Your Legal Rights After Beneficiary Inheritance - August 14, 2023
Comprehending the Duties and Responsibilities of Executors of Estates: How to Properly Administer an Estate and Fulfill Inheritance Law Requirements - August 21, 2023
Maximizing the Benefits of Inheritance Law for Family Heirs of Estates - August 28, 2023