A power of attorney is an important document that can be beneficial when it comes to estate planning and end-of-life plans, but also when it comes to everyday situations. Read on to learn more about the different types of powers of attorney in Michigan.
What is a power of attorney?
A power of attorney allows you to select an individual and give them the legal right to manage certain matters on your behalf in the event that you are unable to do so. Normally, this power is given to a loved one, such as a child, parent, spouse, close relative, friend, business partner, and so on. Once this person is chosen and the documents are created and implemented, this person is able to pay bills, make bank deposits and withdrawals, have access to medical records, file tax returns, buy or sell property, hire caretakers, transfer assets into trusts, and more. It is important to note that you can pick and choose what this person can access and when.
What are the different types of powers of attorney in Michigan?
In Michigan, there are various types of powers of attorney that may come into play in different situations. The main powers of attorney you may create include:
- Immediate power of attorney: This type of power of attorney goes into effect as soon as the document has been executed.
- Springing power of attorney: This power of attorney goes into effect only when a specific event occurs, for example in the event that an individual has become incapacitated. You can work with an estate planning attorney to set the standards for what you consider incapacitation.
- Durable power of attorney: This document stays in effect when you become incapacitated and remains in effect over time.
- Non-Durable power of attorney: In this situation, the power of attorney is terminated in the event you become incapacitated or disabled
How do you appoint a power of attorney?
In order to create a power of attorney, it is important to work with an experienced estate planning attorney. An estate planning attorney can help you determine the best type of power of attorney for your unique situation and help ensure that the documents are created properly and are legally sound.
If you have any questions or concerns about powers of attorney in Michigan, our firm is here to help. Reach out today to discuss your options with a skilled estate planning attorney.
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