Know More About Power Of Attorney
What Is Power of Attorney
Power of Attorney, or POA, is a legal document giving an attorney-in-charge or legal agent the authority to act on behalf of the principal. The attorney in charge possesses broad or limited authority to act on behalf of the principal. The agent can make decisions regarding medical care, financial matters, or property on behalf of the principal.
General Power of Attorney
The general power of attorney is a broad mandate that gives an agent a lot of power to handle the affairs of a principal. The agent or the person designated to act on behalf of the principal is charged with handling several tasks. The tasks include buying or disposing of real estate or even entering into contractual relationships on the principal’s behalf.
Limited or Special Power of Attorney
An individual looking to limit how much the agent can do should choose limited or special power of attorney. Before signing to notarize a limited power of attorney, a person needs to be as detailed as possible about how much the agent should handle. If an individual is not clear what should fall under the special power of attorney, it is best to speak to a legal counsel.
Durable Power of Attorney
The durable type of power of attorney is only effective during the period a person wished to get someone else act on his or her behalf. A non-durable POA will end the moment it is revoked or when the expiration date specified arrives. However, what will happen in the event the agent becomes debilitated? Will the POA still be applicable?
In such a case, the principal would prefer that the POA remains active even if he or she becomes unable to communicate. For example, if the principal becomes comatose, but would prefer that the spouse be the agent, it can be specified in the form of a durable power of attorney. The POA gives power to the spouse to make decisions even when the principal is comatose.
Medical or Healthcare Power of Attorney
If the principal becomes very ill, he or she reserves the right to decide the quality of care preferred. Medical or health care POA authorizes the agent to make decisions on behalf of the principal in case of a life-threatening illness. Most health POAs fall under the durable kind because they take into consideration the fact that the principal may be too sick to make their own decisions.
In all the instances above, the principal should speak to a counsel before choosing an agent. In addition, it is best for the principal to get the counsel to walk him or her through every step of notarizing a power of attorney in order to understand what should go into the document.
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