You decided to have your estate planning attorney prepare your estate planning instruments which include a power of attorney. Does your attorney-in-fact act now or does your attorney-in-fact wait until her services are needed?
The answer depends upon the type of power of attorney you signed. There are basically two types of power of attorney: Health care directive and financial.
For all intense and purposes I’ll limit my discussion to power of attorney for financial. A power of attorney for financial may be a durable power of attorney, general power of attorney or limited power of attorney.
For estate planning, the most common power of attorney for financial is the durable power of attorney. The reason the durable power of attorney is more widely used over the general or limited power of attorney is that the durable power of attorney remains in effect even if you become incapacitated
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