A power of attorney document that is durable gives the principal’s agent the power to make decisions even if the principal is unable to make decisions on their own, a term referred to as being incapacitated. ![]() It’s very important to understand the difference between a power of attorney being durable versus non-durable. The most popular type of designation, known as a “durable power of attorney,” allows the appointment to remain active even if the principal should become incapacitated. The document is most commonly used for electing someone else to handle financial transactions or medical decisions. Must be sent to the agent and anyone else that has a copy of the original POA.Ī power of attorney is a form used for providing a person (agent) with the authority to represent another person. Revocation of Power of Attorney – Cancels an existing power of attorney. Vehicle (DMV) Power of Attorney – Can be executed to grant a representative to handle the sale, purchase, or registration of a motor vehicle for the principal. ![]() Required by most tax accountants and lawyers when filing on their client’s behalf. Tax Power of Attorney (2848) – For Federal (IRS) or state tax purposes. Real Estate Power of Attorney – Permits a representative to make buying, selling, and leasing decisions on the principal’s behalf. This instrument is effective only for a short period, typically a maximum of 6 to 12 months, but this varies state by state. Minor (child) Power of Attorney – Allows a parent or guardian to allow someone else to make decisions on behalf of their child. Medical Power of Attorney – Gives an agent the right to act on a person’s behalf for medical decisions (only if the principal can no longer make decisions themselves). Usually coupled with medical power of attorney. Living Will – Sets end-of-life treatment options for a patient. This document becomes void after the agent has fulfilled their duty. Limited Power of Attorney – Allows an agent to act on behalf of the principal for a specific purpose. ![]() General Power of Attorney – Permits an agent to take someone’s place for financial decisions, but becomes invalid if the principal becomes incapacitated. Can be used to give a person authority for general life tasks (such as cashing a check).ĭownload: PDF, Word (.docx), OpenDocumentĪdvance Directive – Combines a living will and medical power of attorney into one (1) document.ĭurable Power of Attorney – Allows an agent to take someone’s place for financial decisions and remains valid if the principal should become incapacitated. Simple (1 page) Power of Attorney – A simplified variation of the limited power of attorney form.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |