What kinds of legal authority can be granted with a power of attorney?
A Power of Attorney is a legal document that grants authority to a designated person to act on behalf of the person creating the document, referred to as the principal. This document is a powerful tool that allows the principal to delegate important financial and property matters to a trusted person, known as the agent. In this blog post, we will discuss the different types of authority that can be granted through a Power of Attorney.
1. General Power of Attorney
A general Power of Attorney grants broad authority to the agent to handle the principal’s financial and property matters. This type of Power of Attorney allows the agent to act on behalf of the principal in all financial and property matters, including banking, investments, taxes, and real estate transactions.
2. Limited Power of Attorney
A limited Power of Attorney grants specific authority to the agent to perform certain tasks or transactions on behalf of the principal. This type of Power of Attorney is often used in situations where the principal is unable to handle a particular matter or transaction due to illness or absence.
3. Durable Power of Attorney
A durable Power of Attorney remains in effect even if the principal becomes incapacitated or unable to make decisions. This type of Power of Attorney is particularly useful for older individuals who may become incapacitated due to illness or disability.
4. Springing Power of Attorney
A springing Power of Attorney only becomes effective at a specific time or event, such as when the principal becomes incapacitated or unable to make decisions. This type of Power of Attorney can be useful for individuals who want to ensure that their financial and property matters are handled by a trusted person only in specific circumstances.
5. Healthcare Power of Attorney
A healthcare Power of Attorney grants authority to an agent to make medical decisions on behalf of the principal. This type of Power of Attorney is particularly important for individuals who may become unable to make medical decisions due to illness or injury.
A Power of Attorney for finances and property matters can grant various types of authority to an agent, depending on the needs and preferences of the principal. A well-drafted Power of Attorney can provide peace of mind and ensure that your financial and property matters are handled by a trusted person in the event of your incapacity.
At We The People, we offer several affordable POA package options. Click here to navigate to our Power of Attorney services page to learn more.
Disclaimer: This content is for informational pruposes only and should not be considered legal advice. Consult with a licensed and qualified attorney for advice specific to your situation.
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