Estate planning is one of the most important things you can do when it comes to your future. While many people believe they can create a will and be done with the process, there is a lot more that goes into it. In addition to a will, you may also want to create things like a power of attorney, an advanced healthcare directive, and more. It can be difficult to plan for the future, especially aspects of the future you may not want to think about. But, it is important to do so. When it comes to the estate planning process, you likely have a lot of questions. One of the most common questions asked is: how much control does a power of attorney really have over my affairs? Read on to learn more.
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.
How Much Control Does a Power of Attorney Have?
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. Different types of powers of attorney allow for different levels of control. So, the amount of control a power of attorney has is up to you. 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
If you are interested in creating a power of attorney, contact our firm to speak 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.