Yes, generally there are two categories a Power of Attorney will fall into: A Power of Attorney for Financial Decisions and Health Care Power of Attorney.
A Power of Attorney for Financial Decisions can be as broad or as limited as you prefer, even limited to a particular date or purpose. This power can become effective immediately after signing or only become effective if you are disabled/incompetent. For small business owners, it is especially important to have a Power of Attorney reserved for a trusted co-owner or family member.
A Healthcare Power of Attorney grants authority to make medical decisions if you are in a coma or become mentally incapacitated. Within the Medical Power will be specific guidance as to what your wishes were before becoming incompetent.
Without these protective measure, there could be a devastating lapse in time where the business cannot operate should something happen to you.
A Power of Attorney for Financial Decisions can be as broad or as limited as you prefer, even limited to a particular date or purpose. This power can become effective immediately after signing or only become effective if you are disabled/incompetent. For small business owners, it is especially important to have a Power of Attorney reserved for a trusted co-owner or family member.
A Healthcare Power of Attorney grants authority to make medical decisions if you are in a coma or become mentally incapacitated. Within the Medical Power will be specific guidance as to what your wishes were before becoming incompetent.
Without these protective measure, there could be a devastating lapse in time where the business cannot operate should something happen to you.
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