There are different types of power of attorney. These are meant to ensure that the needs of the principal is correctly addressed and provided for. When preparing or creating a power of attorney, it is important to get lawyer assistance.
They would be in a position to help you identify what type of power of attorney would be best suitable for your needs.
- General power of attorney
The typical power of attorney offers the attorney-in-fact (or agent) authority in all instances unless specified by the document. General power of attorney may include accessing safe deposit boxes, setting up trusts, transferring assets to believe funds, filing tax returns, entering contracts, representing the principal (signor of the document) and purchasing and selling property.
This sort of power of attorney would be valid unless specified by the document, the principal dies or revokes the document, or the document specifies that it would end upon the occasion when the principal gets incapacitated or disabled.
- Specific power of attorney
If the attorney-in-fact is only granted authority over specific transactions like collecting debts, buying and selling property, then it is referred to as the specific power of attorney. The attorney-in-fact would only perform duties specified in the document until the principal revokes the document. Aside from revoking, both general and particular power of attorney is discontinued upon the principal's incapacity and death.
- Non-durable power of attorney
The clear feature of the non-durable power of attorney is that it is for short-term transactions only. In a position when the principal couldn't handle a transaction, then this type may be more suitable. Usually, this sort of power of attorney has an expiration. When the principal becomes incapacitated or is no longer able to give authority for the continuation of the power of attorney, the document is no longer valid.
- Durable power of attorney
Unlike the non-durable type, the durable power of attorney can continue even after the principal becomes incapacitated or becomes incompetent in making choices. The durable power of attorney may be terminated if the principal would terminate it or in the occasion of the principal's death.
Durable power of attorney could cover health and care choices, like discontinuing life support or surgery. It could include financial matters unless specified by the document and the principal.
- Springing power of attorney
The springing power of attorney would "spring" in a certain event which is specified by the power of attorney. It could be an occasion of disability, illness or travel abroad. it would only be valid, if there are physician or physicians which pin pointed that the principal is indeed incapacitated.
All the same, it may pose some problems since mentally incapacitated is defined subjectively and difficult to determine. So it is not recommended that durable power of attorney would be "springing."
- Healthcare power of attorney
This power of attorney is specified for only healthcare issues and is commonly used by principals who are enduring terminal or mental sicknesses. This sort of power of attorney is only contained in medical scope and couldn't be employed for other duties.
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