A power of attorney might be one of the most important parts of an estate plan. There are many different options in regards to powers of attorney, so it is important to have an experienced Michigan estate planning attorney on your side to ensure you are making all of the right decisions. Contact us today to learn more about how we can help you.
What is a Power of Attorney in Michigan?
A power of attorney is selected to allow an individual to have the legal right to manage certain matters on behalf of another person in the event that they are unable to do so. Normally, this role is given to a loved one, such as a child, parent, spouse, close relative, friend, business partner, etc. Once this person is chosen, they are 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. The main idea of a power of attorney is to have a trusted individual legally allowed to make important decisions on your behalf in the event that you are unable to do so.
What are the different types of powers of attorney in Michigan?
There are various types of powers of attorney to address the needs of those with all different kinds of unique circumstances. The types of powers of attorney include:
- Immediate power of attorney: This occurs when the power of attorney goes into effect as soon as the document has been executed.
- Springing power of attorney: This refers to when the power of attorney goes into effect only when a specific event occurs, for example in the event that an individual has become incapacitated.
- 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
If you have questions or concerns about the different types of powers of attorney, contact our firm today to learn more.
How do you appoint powers of attorney?
If you would like to create a power of attorney, you will need to retain the services of an experienced estate planning lawyer. At our firm, we can evaluate your circumstance and needs and determine what is best for you. Contact us today to get started.
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.