Types of Power of Attorney
A power of attorney is a legal form of instrument by which you can grant the authority to act as your legal representative to another person. The person who takes control of legal dealings and financial decisions on your behalf will be the "attorney-at-fact", and there are different uses of the position depending on the situation.
Non-Durable Power of Attorney
Non-durable power of attorney is generally used for short-term transactions, in which the principal is not able to handle the matter by themselves. It takes effective immediately but will be expired when the principal revokes it or becomes incapacitated such as mental incapability or physical body damage. Often times, it is used for specific transactions within short period of time frame, such as closing real estate related deals, handling principal’s financial affairs. When the particular transactions are complete, then the power will be returned to the principal.
Durable Power of Attorney
A "Durable" Power of Attorney is very similar to a non-durable power of attorney, but it enables the attorney-at-fact to keep the power for the principal even after the principal becomes incapacitated including mental illness or physical damage which will make the principal unable to make decisions. All power of attorneys will be ended immediately when the principal dies, but this durable power of attorney will keep continuing up to that moment or revoked by the principal. Durable power of attorney is effective immediately. It is often used in terminally ill cases where the principal will ask the agent to remove any lifesaving equipment.There are times when you might need to consider when durable power of attorney for finances will take effect depending on your own choice.
Springing Power of Attorney
A Springing Power of Attorney takes effective at a future time, such as upon the happenings of a specific event chosen by the Power of Attorney. Often times, it will be a event of principal’s illness or disability therefore the principal is not able to give permission either verbally or in writing. In order to obtain this kind of power of attorney, a doctor’s certification will be required. It will remain effective until the principal’s death or revoked by the court.
Springing power of attorney is popularly used in most cases of principal’s sudden death or mental illness due to serious accident.
The above are main three types of power of attorney forms that are used. But there are no limitations for the level and types of principal’s affairs. It could be specific to a certain aspects such as health and financial matters.
Special or Limited Power of Attorney
It is used for a particular case such as financial dealing or property sales. The attorney-in-fact will have no power over any aspect of the principal’s life other than the specific portion of the area that they are charged with. Compared to it, there is another type of power of attorney called General Attorney, which applies to all the affairs and dealings of the principal.
Health Care Power of Attorney
In this case, the attorney-in-fact will only have power over medical decisions when the principal is terminally or mentally ill. It looks very similar to a special power of attorney, but this is specifically used for medical purposes.
At Free Legal Forms site, you can find various legal forms resources that are completely free of charges, including power of attorney forms and living trust forms that are popular among many people who are interested in estate planning in the future.