How Many Types of Power of Attorney's Are There?
When you are designated with the power of attorney over someone, you are basically given the right to make legal and financial decisions on that person's behalf. Here are the main types of powers of attorney.
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General Power of Attorney
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This is the most sweeping of the main types of powers of attorney. Under this designation, you can act in the other person's behalf on legal and financial matters basically until the power is revoked.
Specific Power of Attorney
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This restrictive power of attorney could be in force for a limited time, or it could be in force for a specific transaction.
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Medical Power of Attorney
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You would use this type of power or attorney if you feel you will have a medical condition that will prevent you from making treatment-related decisions during an illness or in case of an accident.
Durable Power of Attorney
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You would use this type of power of attorney if you are disabled and want to designate someone to handle your financial affairs. Some financial institutions will not recognize anything but a durable power of attorney for financial transactions.
Considerations
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Power of attorney forms may need to be registered with the state in which you live if they deal with real estate matters.
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Comments
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mikrose
Jun 10, 2009
There is also a Mental Health Power of Attorney. This is much more relevant than a Health Care Power of Attorney when dealing with dementia or other brain-injury related diagnosis. It shows the Principal realized that diminished mental health and competency are possible and an early intervention be initiated.
