According to Paul Rabalais of Rabalais Estate Planning, LLC, in his video, Power of Attorney Explained, your power of attorney allows your agent to transact business on your behalf. Additionally, POA in Louisiana remains effective until death.
General Power of Attorney covers all situations, such as banking, signing contracts, medical decisions, and anything requiring someone to act in your best interest.
Limited POA allows your advocate to perform a specific task and only that task. It includes a deadline, after which it is void.
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The third type, Durable POA, remains effective even after you become incapacitated. In Louisiana, ALL powers of attorney are durable.
A Spring Power of Attorney applies once you become incapacitated. In medical emergencies, for example, it allows someone to authorize surgery.
Does POA need specific wording? Yes. Certain powers must be expressly stated, such as the power to make donations, deal with succession, or make health decisions.
Does it have to be recorded? Third parties can refuse if not signed, notarized, and recorded in the proper jurisdiction.
For help creating and recording your power of attorney, call one in your area. This is a good way to get started.
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