Types of Power of Attorneys in Missouri
A power of attorney, or POA, is a legally binding document that authorizes an individual – referred to as the “agent” – to make important decisions on behalf of the creator of the POA, known as the principal. There are multiple types of power of attorneys in Missouri, each serving a different purpose. Below is a general idea of each of these types, however, an experienced St. Louis estate planning attorney can help you understand each of these in more detail.
General Power of Attorney
A general POA gives the chosen agent broad authority to act in a variety of matters, as determined by the principal. These can include financial, business and legal matters, such as paying bills and making investments. The terms of a general POA are limited only by the instructions outlined in the document.
Limited Power of Attorney
A limited or special power of attorney only grants an agent legal authority to handle a specific task or make certain decisions, such as agency over a single financial transaction or a specific asset.
Durable Power of Attorney
A durable power of attorney remains in effect if the principal becomes incapacitated. It will take effect when the principal signs the document (unless the POA states otherwise). Once it takes effect, it will allow the agent to act on the principal’s behalf even when he or she is incapacitated. The document will terminate when the principal dies, unless a revocation is issued.
Non-Durable Power of Attorney
A non-durable power of attorney does not allow the selected agent to continue acting on behalf of the principal if he or she becomes incapacitated. Instead, only a court-appointed guardian or conservator can act on behalf of the principal. If you wish your agent to have power of attorney should you become incapacitated, a durable POA is the better option.
Springing Power of Attorney
Rather than going into effect when the principal signs the document, a springing POA becomes active only if a specific event occurs, as defined in the document. The most common example is the incapacitation of the principal. The POA will remain dormant until the specified scenario takes place.
Medical Power of Attorney
A medical or healthcare power of attorney grants an agent legal authority to make medical decisions on behalf of the principal when he or she cannot do so. It is also referred to as an advanced healthcare directive. The parameters of this legal document will be determined by the principal according to his or her medical preferences, such as whether or not to resuscitate and end-of-life care choices.
Financial Power of Attorney
A financial POA is a tool that can be used to grant decision-making power to someone you trust when it comes to handling your finances and business matters. This document specifically grants an agent the right to conduct financial or business transactions, including access to bank accounts, investments, bills and taxes. Financial POAs are often used for individuals who need temporary or long-term assistance with financial management.
Discuss the Right Power of Attorneys for You With an Attorney in St. Louis
One or more power of attorneys can give you peace of mind about your future, even if you become incapacitated. A POA gives you the power to choose someone you trust to handle certain matters for you in these situations. Missouri’s many types of power of attorneys offer flexibility, allowing you to customize your future planning based on your specific needs and goals.
If you wish to speak to a lawyer about which type of power of attorney you need for your specific purposes, contact the St. Louis power of attorney lawyers at TdD Attorneys at Law. We offer free initial consultations.