Types of power of Attorney
Power of Attorney also known as POA in short. So, Power of Attorney is a legal document which is created to hand over the control of your affairs when you are unable to handle it effectively. So, the person the owner of their affairs appoint is known as an Attorney and there is an official term for the appointer as well that is Principal. So, the Power of Attorney is not limited to only one type but there are many types of Power of Attorney that is being chosen on the basis of the existing situation.
Following are the types of Power of Attorney:
Durable Power of Attorney:
Durable Power of Attorney doesn’t come with any time period. It allows the Attorney to manage all the affairs of the principal when he/she is unable to do so. The Power of Attorney do get expires on the death of the principal.
Non-Durable Power of Attorney:
It is kind of opposite of the Durable Power of Attorney. Non-Durable Power of Attorney comes with a set period of time. It comes into play for a certain transaction and in that transaction, the principal grants the authority to the Attorney to handle their affair on their behalf. Once the period is complete, the Power of Attorney terminates.
Medical Power of Attorney:
In Medical Power of Attorney, the agent gets the authority to make all the health-related decisions of the principal as principal itself is incapacitated to do so.
Springing Power of Attorney:
As the name suggests, this type of Power of Attorney springs up at a future time that is if something occurs and the principal is incapacitated or is out of the country and ultimately cannot act upon the happened event. At that time Springing Power of Attorney comes into play. It can be both Durable and Non-Durable.
Limited Power of Attorney:
It is also known as the Special Power of Attorney. it comes into play for a short period or limited period of time for particular financial decision or banking transaction or selling off the property. Here, the agent only acts upon the limited power given to him/her just because the principal wasn’t able to fulfil his/her commitments due to some reasons.
So, these are all the types of Power of Attorney. Power of Attorney is a powerful form for the principal by which the principal can make sure that his/her affairs are looked after well and are in safe hands.