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Lombard estate planning attorneyResearch shows that only about half of Americans have any estate planning documents in place. Those without a last will and testament and other critical estate planning documents risk having their estate decisions made for them if they pass away or become incapacitated. One vital piece of estate planning that is important for anyone to have is a power of attorney. A durable power of attorney is a legal document which gives someone else the authority to act on your behalf if you cannot do your yourself.

Types of Power of Attorney

A general power of attorney assigns an agent which will be responsible for the medical decisions, legal choices, personal banking, investment, insurance and real estate transactions of the person signing the document (the principal) should they become incapacitated. A special power of attorney allows the principal to be more specific. He or she can narrow down the types of choices the agent(s) can make. It is possible to have several different powers of attorney for different purposes. An individual may choose their spouse or family member to make medical decisions on their behalf, but he or she may choose another individual to make financial or business decisions in the event they are incapacitated.

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