5 Different Rights of Power of Attorney

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Just being named as a power of attorney (POA) actually does not make you an attorney. There are a set of limited rights as well choices that a POA can have. Appointment of a Power of Attorney is most common in estate planning.

A POA is a person who represents another person in the court. A licensed attorney can only be a POA.

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Someone, if even named as “attorney in fact” is not a Power of Attorney. It is important to take into account, some major points, before assigning anybody as the Power of Attorney. Some of them are: It is not compulsory that you assign the rights to your spouse only. You can also assign the same to a lawyer, estate planner, and accountant or may be a personal friend Remember that any POA will have to take certain difficult decisions which everyone may not accept. So it is better to choose somebody who is a strong decision maker and can decide for your best interest Types of Power of Attorney Documents There are five varied types of power of attorney rights, in terms of authority as well as duties. Each of these POA rights consists of two persons, the attorney-in-fact as well as the principal.

A principal is a person who assigns the powers and rights of the attorney.

An attorney-in-fact is the face of the principal.

Durable Power of Attorney is the most common form of Power of Attorney. This form gives an authorization to the attorney-in-fact so that he can make decisions on principal’s behalf until the principal passes away.

Non-Durable Power of Attorney is type of an attorney form is time-bound or for a particular period. They can be used once. This type of an attorney is generally used on behalf of a medically ill person who is out of town for a period of time and has validity till the time he comes back.

Limited or Special power of attorney is also again a type of POA where the principal has the right to grant some special rights to a person for specific transactions. This type of POA form is often needed to transfer or sell a principal owned property.

Every state has laws and regulations. So it is important that you contact one of the local attorneys who already know what your requisites for your POA are. It is not mandatory that you will have to go to your lawyer for a POA document. You can easily download it from the internet. However you should definitely get your POA document checked. This document however should not only be theoretical but relevant at the same time. Most of the lawyers check it on a reasonable fee.

It is better to hire a professional lawyer for seeking advice on gaining the power of attorney. A professional can always hip you make the right choice of POA. Hiring a lawyer always saves your time and energy.

 

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