Life can throw unexpected curveballs, leaving us unprepared for sudden changes. What happens when you cannot make critical decisions for yourself? This is where a power of attorney (POA) comes into play.
Consider it your safety net, ensuring someone can fulfill your wishes even when you cannot express them yourself. There are different types of POA that serve various purposes. Understanding these options can help you plan for the future and protect your interests.
Different power of attorney documents
In Virginia, there are three common types of POA: financial, medical and minor power of attorney. The first type involves naming an agent who will handle financial matters for you in case of incapacitation or death. Under a financial POA, the appointed individual can pay bills or purchase stocks in your stead.
Meanwhile, a medical POA allows you to name a person who will make medical decisions if you can no longer do so. Also known as an advance medical directive, this POA impacts decisions involving treatments and surgery. The agent may also choose health care facilities and services that you will undergo.
A medical or financial POA can also be durable, springing, general and limited. Here’s what you need to know:
- Durable: The document triggers if you become incapacitated.
- Springing: The POA only takes effect until a specific event takes place.
- General: The agent of a general POA has all your rights and powers and may perform a broad range of duties on your behalf.
- Limited: The agent of a limited POA may only perform specific functions for you and only for a certain period.
Finally, a minor POA allows parents to select a trusted person to care for their child. Under this agreement, the agent can decide on the child’s well-being, education and health care.
Determine the right type of power of attorney
Choosing the right POA is a crucial step in safeguarding your future. Each type serves a vital and unique purpose, tailored to different aspects of your life and potential needs. Understanding your options may help you make informed decisions that align with your wishes and circumstances.
