When it comes to estate planning, many people think that a will is all they need. Among the many important documents to include in an estate plan, a power of attorney also provides many protections. Unlike a will, which only comes into effect once a person passes away, a power of attorney provides another person with the authority to represent them in financial matters during their life.
Powers of attorney are important, and they can also be complex. A power of attorney lawyer at Beth Santilli Law can explain the different types and advise on the one that is right for your estate plan. Contact us today for assistance.
Durable & Non-Durable Powers of Attorney
Powers of attorney in South Carolina are either durable or non-durable. A durable power of attorney is effective in the event that a person becomes incapacitated and it remains in effect until the person passes away. A non-durable power of attorney, however, is no longer effective if the person becomes incapacitated. Although powers of attorney are categorized as durable or non-durable, there are many different types of power of attorney that can fall into either category.
Power of Attorney Types
The different types of power of attorney you may choose from include:
– General power of attorney: A general power of attorney gives someone the authority to act on your behalf in a number of different areas for financial matters. A general power of attorney can provide someone with the ability to purchase insurance, buy and sell real estate properties, and make retirement plans for you.
– Limited power of attorney: A limited power of attorney is much narrower in scope than a general power of attorney and does not provide a person with as much authority to make decisions on your behalf. For example, while the person you designate as your limited power of attorney could close for you on a real estate deal, they could not sell your home.
Regardless of the type of power of attorney you want to create, it is critical to speak to an experienced power of attorney lawyer who can draft one properly for you.
Get Legal Help Today
Like wills and other parts of your estate plan, you may be tempted to draft a power of attorney on your own using one of the many templates available. But this can be a mistake. South Carolina follows many legal formalities that are required for a power of attorney to be considered enforceable, and you need to ensure your best interests are protected.
When you need the full protection these documents can provide, contact the Mt. Pleasant, SC power of attorney lawyers at Beth Santilli Law, LLC. We can provide the guidance you need and ensure your power of attorney complies with South Carolina law.