Estate planning can be stressful. It can be difficult to think about the future and plan ahead when there is so much on your plate in the present. But, estate planning is one of the most important things you can do for yourself and your loved ones. One way to make the process feel less daunting is to do some research before you begin. For example, determine what you want to address and the different things you will need to cover in your estate plan. Something you may want to consider creating is a power of attorney. Read on to learn more about the different types of powers of attorney available in Michigan and how they may be able to benefit you and your estate plans.
What is a Power of Attorney?
A power attorney gives a loved one the ability to make important decisions on your behalf in the event that you can no longer make these decisions for yourself. This responsibility is usually given to a close friend or family member. This individual will be able to make decisions about your finances, healthcare, and other important aspects of your life.
Different Types of Powers of Attorney?
There are different types of powers of attorney in Michigan. Each situation is different and each person has different needs, so you can choose a power of attorney that best suits your circumstances. The types of powers of attorney include:
- Immediate power of attorney: the power of attorney goes into effect as soon as the document has been executed
- Springing power of attorney: the power of attorney goes into effect only when a specific event occurs, such as becoming incapacitated, etc.
- Durable power of attorney: the document remains in effect when you become incapacitated and remains in effect over time
- Non-Durable power of attorney: the power of attorney is terminated in the event you become incapacitated or disabled
How to Create a Power of Attorney
If you are interested in creating a power of attorney, contact a skilled estate planning attorney. An attorney can help you determine the power of attorney that is right for you and help you fit it into your comprehensive estate plan.
If you have any questions or concerns regarding a power of attorney, contact our firm today to peak with an experienced estate planning attorney.
Contact our Firm
Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.