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Need someone else to handle your affairs? Try a power of attorney

On Behalf of | Jun 16, 2020 | Estate Planning

When you think of a power of attorney, you probably imagine the person who will take care of your affairs by paying bills after you go to a nursing home or when you’re sick in a hospital. This is not the only kind of power of attorney, though. In fact, there are several kind of POAs including:

  • Durable power of attorneys
  • Health care power of attorneys
  • Special power of attorney
  • Non-durable power of attorney

Remember that a POA assignment only lasts until your death, so it’s not intended to protect your estate after you pass away.

Of these, one that isn’t widely known is the temporary power of attorney. Setting up a temporary power of attorney might not seem very important, but it can be helpful. For example, if you are going to go through a major surgery and have many financial issues and medical decisions to handle, you can assign a temporary power of attorney and give another person the authority to take care of those issues for you. That individual will be bound to handle your medical care or financial responsibilities (depending on your preferences) while you are unable to do so and while the POA is in place.

Another time you might be interested in setting up a temporary power of attorney is if you’re leaving the country. For instance, if you’re going to teach English overseas and own property and expenses in the United States, you may want to appoint a temporary power of attorney, so that someone you trust can handle your finances in America while you are out of the country. Assigning someone that role can give you the peace of mind of knowing that everything is being taken care of, even if you are not able to be physically present to handle your affairs yourself.