Estate Planning
Powers of attorney
Types of powers of attorney
There are four main types of powers of Attorney:
1. Specific power of attorney. This attorney has the authority to act within a specific set of rules (for example, to only manage your investment property or to make all your financial decisions for just four weeks while you’re on holidays).
2. General power of attorney. This attorney has the authority to act on your behalf with regard to any financial matters. The one shortfall of this power of attorney is that if you lose your mental capacity, it’s no longer valid. This can be the time when you need it most!
3. Enduring power of attorney. This attorney has the same authority as the general power of attorney, so they can act on your behalf with regards to any financial matter. In addition, this attorney also has the authority to act after you lose your mental capacity.
4. Medical enduring power of attorney. This attorney allows the donor to appoint someone to make medical treatment decisions on their behalf when they are no longer able to make decisions.
