The power of attorney can be granted in the event that a person becomes unable to perform specified duties. When someone is granted power of attorney over another individual they take control of any transactions listed within their right to do so. The rights of the attorney or agent specialized within the power of attorney documentation are limited to that located in the document. If within that document, there is a time frame or expiration date, it must be adhered to.
There are several different types of power of attorneys. Each type covers a specific time frame, location, cause or stipulations. They can include taking over in place of someone during a specified time frame. It could also include being able to take care of finances or medical decisions in the event of the principal, the person who relinquishes their power, becomes ill and is unable to do so themselves.
- Non-Durable: This type of power of attorney is set during a short term time frame. It can be granted upon an accident or while the principal is out of the country. Power can return to the principal once the time frame has expired. It can also be set up to take effect immediately or to take effect on a specific date.
- Durable: Durable power of attorney is where a principal chooses someone to be their voice in the event where they might not be able to speak. If a person becomes ill their power of attorney can step in and assist in several aspects of their life including a resuscitate pardon. A durable power of attorney can last a lifetime, but once the principal dies, it is no longer effective.
- Health Care: This type of power of attorney is seen when a person becomes ill and is unable to make sound medical decisions regarding their treatment. The power of attorney will step in and help decide what is in the best interest of that person. However, they will not have any responsibilities in any other aspect of that person’s life.
- Special or Limited: This power of attorney allows for an individual to appoint someone to handle their financial matters. Normally this power of attorney is applied when someone has fallen ill quickly and is unable to control what happens to their financial assets.
There are several other types of power of attorneys that can be used in certain circumstances. If you are unsure of how a power of attorney works or