When it comes to power of attorneys, there are different types that can be used for different purposes. Here is a brief overview of the three most common types of Power of Attorney. This article will not cover all the intricacies of the Power of Attorney law, but it will give you a general understanding of the three types.
Durable Power of Attorney
These types of power of attorneys remain in effect even if the person who granted it becomes incapacitated. This is often used to appoint someone to make financial decisions on behalf of the incapacitated person. There are two types of durable power of attorneys: financial and health care.
A financial power of attorney appoints someone to make decisions about the person’s finances, while a health care power of attorney appoints someone to make decisions about the person’s medical care. Both types of durable power of attorneys can be revoked by the person who granted it at any time.
General Power of Attorney
This is a type of Power of Attorney that gives the agent broad powers to act on behalf of the principal. This type of Power of Attorney is often used when the principal is out of the country or is unable to handle their own affairs. The agent has the authority to make decisions regarding the principal’s finances, property, and medical care. This type of Power of Attorney is also revocable, which means that the agent can be terminated at any time by the principal.
Limited Power of Attorney
This Power of Attorney gives the agent specific powers to act on behalf of the principal. This type of Power of Attorney is often used when the principal needs help with a specific task, such as selling a property.
Each of these types of Power of Attorney has its own specific uses, and it is important to choose the right type for your needs. If you are unsure which type of Power of Attorney is right for you, speak to an attorney for guidance.