A Power of Attorney is a type of document that can be used to authorize an individual as an agent to serve on your behalf. There are many reasons why you or anyone would like to authorize another individual to serve for you. Based on the state of residence of the principal, many types of POA might be needed. Know about the top reasons for power of attorney drafting. Please visit this website for more info about power of attorney form.
Medical power of attorney
Such a document grants power to the attorney-in-fact or agent to take proper medical decisions for you. A medical POA can only come into effect when you are unable to take decisions about your own healthcare decisions. In a few states, a medical POA is needed over a durable power of attorney.
Springing power of attorney
The powers of a springing POS are triggered by a particular event, and might grant broad or limited powers to the agent. The POA, in almost every case, comes into effect when you cannot act on your own for some reason – such as incapacity, injury or illness. Often, a springing power of attorney is used for estate planning. It can give you more control on when the agent will get the authority to act.
Financial power of attorney
In such a power of attorney letter, you can bestow authority to the agent to take financial decisions for you. There might be limited powers to some transactions, like real estate transactions – which can let the attorney-in-fact or agent to take important financial decisions on your behalf. It might be possible to classify a financial power of attorney as a form of durable power of attorney, which means that it will still be valid in case you get incapacitated. If you do not get incapacitated, your POA can survive until your demise, similar to a non-durable POA.
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