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A power of attorney (POA) confers authority on a designated person or organization to act on behalf of another. It gives someone the power to represent a person in legal matters and sign documents on their behalf. Thus, one should be conscientious when drafting a Power of Attorney.
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This article sheds light on the different types of powers of attorney and how to deal with them.
Power of Attorney [POA] Types
The types of Power of Attorney are as follows:
- Durable POA
- Durable Power of Attorney becomes immediately effective as soon as the signing is done.
- The durable POA agent becomes effective when you become incapable.
- However, a revocation form is sufficient to rescind a durable POA.
- Medical POA
- The person chosen or given the authority to make decisions on your behalf regarding medical-related or your health is known as your medical power of attorney.
- It is also known as an Advance Directive. When you cannot decide on your own, the Medical POA you choose will make decisions for you.
- General POA
- A General Power of Attorney is the one who makes generalized or common decisions on your behalf like financial, business, legal, banking or real estate and so on.
- This gives the nominee extensive power. So, dealing with a General POA should be done very carefully.
- Special or Limited POA
- This Power of Attorney acts or has the authority to act in a specific situation. That person will not be able to make decisions in any related or unrelated matters other than the special or limited situation for which that person is nominated as Power of Attorney.
- Springing POA
- It will take effect when a person becomes incapable of making decisions for themselves due to circumstances.
- For example, a military person might choose this type when they are stationed overseas and cannot make decisions directly in their homeland. They are incapacitated and someone else has to step into their shoes.
Note: There may also be some other POA examples and types depending on the various situations that arise unpredictably in our daily lives. One must discuss with their legal advisors and lawyers before choosing their type of Power of Attorney.
POAs: How To Choose The Right One?
- Communicating with your lawyer and having a detailed discussion with your lawyer is a smart way to find out what Power of Attorney suits you best.
- If you are looking for a Power of Attorney for yourself, then clearly communicating the situation you will be stuck in and why you chose a specific decision-making person in your place is crucial for a better POA decision.
- Your lawyer helps you to carefully read through and evaluate all possible steps before choosing the right person as your POA. Who, later, will take on making key decisions for you in your absence or if you are unable to do so.
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