Durable Power of Attorney
If you were to suddenly become incapacitated, who would you want to make decisions on your behalf? A power of attorney can be a critical estate planning tool that can capture these wishes and formally appoint individuals for different responsibilities. What many people do not realize is that, in South Carolina, a power of attorney should be filed with the county clerk’s office to be valid and enforceable. This can help avoid fraud.
- Durable General Power of Attorney: You, as the principal, appoint an agent or attorney-in-fact to have control over your finances. A durable power of attorney is immediately effective and is not made invalid by later events, which may render you incompetent.
- Springing Power of Attorney: A Springing Power of Attorney takes effect only if you are found to be incompetent or not mentally fit to make decisions regarding your finances. This may be caused by illness or a tragic accident. You can specify the exact circumstances that can trigger this document by requiring two physicians to examine your mental and physical health.
- Limited or Specific Power of Attorney: A limited or a specific power of attorney is used when you, the principal, wish to appoint an agent to complete a specific act or limit their authority in some way.