Choose the right kind of power of attorney
Know the differences between durable general and springing powers of attorney.
A durable general power of attorney
Unlike a springing power of attorney, a durable general power of attorney becomes effective as soon as the document has been signed. This adds additional flexibility to your power of attorney document. For example, your attorney-in-fact is able to make decisions on your behalf if you are simply unavailable to do so yourself, such as if you are traveling or are recovering from a physical injury.
Whether you execute a springing power of attorney or a durable general power of attorney, your attorney-in-fact would need to present the power of attorney document to financial institutions and others as proof of their decision-making authority. If your attorney-in-fact does not have the original copy of your power of attorney, be sure to let him or her know where to find the document.
The information regarding estate planning should not be construed as tax or legal advice and is for general informational purposes only.
Neither Edelman Financial Engines nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from your qualified tax and/or legal professionals to help determine the best options for your particular circumstances.