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Know what type of power of attorney to set up

When you're thinking of your estate plan, you have to consider setting up a power of attorney for your health care and one for your finances. This might seem like a fairly easy task, but it is one that will require you to make some decisions. One of these is the type of power of attorney you want to set.

Two of the more common types of powers of attorney used for these cases are the durable and the springing. These are very different because of the time when they go into effect.

The durable power of attorney goes into effect as soon as you sign it. This means that there's a chance that the person who you give this designation to could exercise their rights to make decisions for you while you're still able to make them. This is off-putting for some people.

With a springing power of attorney, the designee doesn't have any ability to make decisions for you until you meet the qualifications for legal incapacitation. While this might seem like the obvious choice, there is one factor to think about here. Your power of attorney may have to prove in court that you're incapacitated. This could delay them from making the important decisions they need to make for you.

It's possible to limit the powers that you give a person who's designated as your power of attorney. It may behoove you to consider this, especially for the person who has control over your finances. Discuss your wishes and concerns with your attorney, so you can find out what options might meet your needs the best.

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