Service Description

A power of attorney is a legal document that gives someone else the authority to act in your place. Powers of attorney can be useful for older individuals and others who want to appoint a trusted person to act on their behalf when they are unable to do so themselves. The main difference is that durable POAs can apply as soon as they’re signed and also when the assignor eventually becomes incapacitated. We s Types of POAs: 1. The Limited Power of Attorney As the name implies, these POAs are for when you need someone to do things for you for a limited purpose. For that reason, these documents usually specify a date and time period after which the POA ends. For example, an author might use a limited POA so that their book agent could cash checks made payable to the writer during a specified time. That way, the agent could take their commissions out of the author’s check and write a new check to the writer. Or let’s say you had plans to go on a vacation on the same day that the deed for your new house needs to be signed. You could assign a limited POA to someone else for that function that only lasted for one day. 2. The General Power of Attorney Not surprisingly, a general POA is more comprehensive. This essentially assigns all of your powers and rights to someone else. A general POA can also be used when people don’t have the time, skills, or desire to handle financial matters. Unless you choose to revoke a general POA, it applies as long as you’re alive, or until you become incapacitated. There are many uses for a general POA, like: Collecting debts Applying for government benefits Managing financial and business matters Buying, selling or making investments on your behalf Filing lawsuits on your behalf 3. The Durable Power of Attorney The major difference between the general and durable POA is that the durable version lasts even if the assignor becomes incapacitated. In other words, you’d use a durable POA if you wanted to give your agent authority once you’re unable to act for yourself. Because of this, many consider a durable POA to be the most powerful type of power of attorney. One example may be if you’ve been diagnosed with early-onset Alzheimer’s. 4. The Springing Power of Attorney This type of POA serves roughly the same purpose as a durable POA, but it only comes into effect once a specific event happens, such as when the assignor becomes incapacitated. With these types of POAs, it’s very important to clearly define what “incapacitated” means.