Creating an Estate Plan
A Power of Attorney (POA) is a legal document in which you appoint a person to manage your affairs, including property, medical, and financial matters. While many people believe that a Will is the most important estate planning document, often documents such as a Power of Attorney, Healthcare Power of Attorney, and a Living Will are equally important.
There are two types of Powers of Attorney that our office generally prepares: (1) a General Power of Attorney; and (2) a Durable Power of Attorney.
A general Power of Attorney allows the person you appoint, called your “agent,” to act on your behalf in any matters permitted under the law. An agent may sign agreements, handle bank accounts, sign checks, enter into contracts, buy or sell property, and much more.
The agent does not have the power to make medical decisions. Only a Healthcare POA may make those decisions.
A general POA goes into effect as soon as it is signed and as soon as the agent signs the Acknowledgment required by Pennsylvania law. A general POA remains in effect regardless of disability and until or unless the principal (the person who created the POA) revokes it or dies.
A durable Power of Attorney only goes into effect when the principal (the person who created the POA) becomes unable to manage his or her affairs because of a physical or mental disability, as certified by a physician. A durable POA does not go into effect, however, until the agent signs the Acknowledgment required by Pennsylvania law.
An agent may sign agreements, handle bank accounts, sign checks, enter into contracts, buy or sell property, and much more. A durable POA remains in effect until the disability that triggered it ceases or until the principal dies. The agent does not have the power to make medical decisions. Only a Healthcare POA may make those decisions.
There are many reasons to have a Power of Attorney:
With our “Pay Once, Revise for Life Estate Planning Program,” you only pay a fee once – when you initially draft and sign your estate planning documents. We never charge for revisions, so you can feel comfortable calling us to make changes at any time, and know that the meter won’t be running.
If you would like to meet with our office or have any other questions, give us a call at (610) 446-3457, click here to send an email, or fill out the form below.