Carolyn M. Young owns and operates CMY Fiduciary Services, a financial consulting firm that specializes in trusts and estate plans. With years of experience, Carolyn M. Young provides fiduciary services such as establishing the power of attorney.
A power of attorney authorizes a third-party to carry out certain procedures on behalf of an individual. Three broad categories of power of attorney provide agents with different responsibilities. These categories are:
- General: Also known as a financial power of attorney, this designation gives a third-party decision-making authority on matters related to personal finance. This includes opening bank accounts and paying bills.
- Durable: This power of attorney can oversee financial and healthcare decisions and will not terminate if the represented individual becomes incapacitated.
- Healthcare: This person has power over medical care only if the represented person is unable to advocate for himself or herself. Authorizing two different people to fill the roles of a general power of attorney and healthcare power of attorney is not uncommon.
A power of attorney authorizes a third-party to carry out certain procedures on behalf of an individual. Three broad categories of power of attorney provide agents with different responsibilities. These categories are:
- General: Also known as a financial power of attorney, this designation gives a third-party decision-making authority on matters related to personal finance. This includes opening bank accounts and paying bills.
- Durable: This power of attorney can oversee financial and healthcare decisions and will not terminate if the represented individual becomes incapacitated.
- Healthcare: This person has power over medical care only if the represented person is unable to advocate for himself or herself. Authorizing two different people to fill the roles of a general power of attorney and healthcare power of attorney is not uncommon.
