WHAT ARE THE DIFFERENCES IN FINANCIAL POWERS OF ATTORNEY

Basically there are three types of Financial Powers of Attorney. The Level I is the Financial Power of Attorney which you sign up at your bank. The Level II you can get from your attorney. The Level III™ is a copyrighted document that you can only get from Attorney Timothy P. Crawford. Below I have described the differences amongst these three different types of Financial Powers of Attorney. GOOD Level I. Level I is a Power of Attorney everyone should have. This is where you name your son or daughter as having the ability to sign checks for you or withdraw money from your savings account. This is done on a form furnished to you by your bank. This Level I Power of Attorney is designed to protect your bank. It does not protect you. It does not protect your Agent (spouse, son or daughter). This will allow the person that you have selected to have access to your funds, particularly if you become incompetent. BETTER Level II. This is the Financial Power of Attorney which your Lawyer prepared for you. It is typically one to ten pages in length. It authorizes the person that you have selected, normally your spouse, son or daughter, to manage your entire financial affairs. This permits them to buy assets, sell assets, withdraw money from your savings account, write checks, reinvest your assets and generally to manage your financial affairs. This document can be used to avoid the need for you to go to Probate Court to have the Probate Court Judge select someone to manage your affairs for you when you have become incompetent. This will help you to avoid a Guardianship. However, this Level II Power of Attorney does not protect your Agent (spouse, son or daughter) nor does it allow your Agent to implement planning that may be done to get you Government benefits after you have become incompetent and are in a nursing home.