What are 3 Different Types of Power of Attorneys Available?
It is important to establish Power of Attorney (POA) privileges, for the purpose of estate planning. This type of legal document can be useful to authorize an individual in taking decisions associated to important things, such as healthcare and financial decisions, for somebody else if they cannot take the same decisions by themselves. Know about the 3 different types of Power of Attorneys that are available.
Durable Power of Attorney
It is the commonest form of POA contract. Such kind of a document can authorize an attorney-in-fact with the ability to take medical as well as financial decisions, on the basis of directives that the Principal or the person authorizing the powers mention. The powers can stay in effect, until there is a revocation of all the powers or the death of the Principal. You may download California power of attorney form from forms.legal website.
Non-Durable Power of Attorney
This is the second commonest form of Power of Attorney document, which can provide an attorney-in-fact with the authority to take decisions for transactions of particular forms. Generally, there is use of Non-durable POA when a Principal or the authorizing person has to undergo an operation or some kind of medical treatment – which can prevent them from having the ability to decide. For particular transactions, powers are granted. These expire after the completion of the transaction.
Limited Power of Attorney
Typically, this legal document is generally used for granting authority to an attorney-in-fact for the transfer or sale of properties that the Principal is an owner of. Such a Power Of Attorney Form revokes the privileges upon the completion of the transaction. This is also referred to as a special power of attorney, and may be defined clearly when there is a need for a POA. The attorney-in-fact or agent who is appointed has no control on the whole life of a person. Broad authority or powers cannot be obtained by an agent on financial affairs and requirements of the principal, as compared to what he / she can get from a general type of power of attorney. If you need Florida power of attorney form, you should visit this website.
Broadly, these are some of the POA forms that are used commonly.