Power of attorney (POA) refers to a legal tool that is frequently used in estate planning. The document itself authorizes the named individual – or the agent – to take specific actions and make specific decisions on behalf of the person who created the POA – or the principal. There are several primary forms of POA, and they each have their own specific focus. If you have questions or concerns about your estate planning needs in relation to a POA, an experienced Waco power of attorney lawyer at The Law Office of Brett H. Pritchard encourages you to reach out.    

Medical and Financial POA 

Powers of attorney generally break down into medical POA, which is sometimes called a healthcare proxy, and financial POA. 

Medical Power of Attorney

A medical POA authorizes the named agent to make important medical and other healthcare decisions on behalf of the principal if they are unable to do so for themself. This generally means that the principal is incapacitated or otherwise unable to express their related decisions. The kinds of decisions included can relate to all the following: 

• Medical treatment and care, including mental health care
• The location of care provision
• The choice of providers
• Access to medical records
• Organ donation
• End-of-life care 

Financial Power of Attorney

A financial POA names an agent to make financial decisions on behalf of the principal. These can relate to assets, income, and property, covering tasks such as handling investments, paying bills, and filing taxes. 

The scope of every POA is defined by the document itself, and they can be quite broad or far more limited.   

Factors that Affect POA in Waco

There are several primary factors that directly affect how powers of attorney function.

General POA

A general POA grants the agent authority to make specific decisions on behalf of the principal – up to the point of their incapacitation. This offers principals the convenience of having a trusted agent manage their finances for them or manage their overseas financial affairs. 

Durable POA

Durable POA means that the agent has the authority to act on behalf of the principal, and this applies even if the principal becomes incapacitated. 

Limited POA 

A limited POA is far more limited in scope, and it grants the principal the authority to act in relation to a specific task, duty, or allotment of time. These are generally implemented when the principal cannot be there to address a specific matter.

Springing POA

A springing POA grants the named agent to act on behalf of the principal at some point in the future. These are generally triggered by incapacitation, which means they may never be used but are available in the event they are needed. 

Reach Out to an Experienced Waco POA Lawyer for the Help You Need

Brett Pritchard at The Law Office of Brett H. Pritchard is a compassionate Waco power of attorney lawyer who will spare no effort in his commitment to helping you establish the powers of attorney that are right for you. Learn more by contacting or calling us at 254-781-4222 today.