Forms of Powers of Attorney

Video Transcript

"This is financial adviser Patrick Munro talking about the different power of attorney forms. It's important to know that a financial power of attorney is perhaps the most popular one that exists between a husband and a wife. It's a form, a legal form that allows one spouse to do for the other if the other spouse becomes incapacitated, in other words to manage accounts, to write checks, various things of that nature. It's a notarized form and it can be presented to a financial institutions inherently giving you the rights over the person that you have financial power of attorney with. There's also a limited power of attorney which has the same rights inherent, but it's more wide spread and it's for a limited period of time. And then there's a durable power of attorney which is designed for the long term, normally that's with a parent and a son or daughter and it allows that child to basically do for their parent in a long term or durable fashion. This is Patrick Munro talking about the different types of power of attorney."