What is Mortgage Agreement?
A power of attorney (POA) is a document that allows you to appoint a person or organization to manage your property, financial, or medical affairs if you become unable to do so. However, all POAs are not created equal. Each type gives your attorney-in-fact (the person who will be making decisions on your behalf) a different level of control. A power of attorney can end for a number of reasons, such as when the principal dies, the principal revokes it, a court invalidates it, the principal divorces his/her spouse who happens to be the agent or the agent can no longer carry out the outlined responsibilities.
The Main Categories:
There are 4 types of POA: General Power of Attorney, Special Power of Attorney, Health Care Power of Attorney, Durable Power of Attorney
- General Power of Attorney: A general power of attorney gives broad powers to a person or organization (known as an agent or attorney-in-fact) to act on your behalf. These powers include handling financial and business transactions, buying life insurance, settling claims, operating business interests, making gifts, and employing professional help. General power of attorney is an effective tool if you will be out of the country and need someone to handle certain matters, or when you are physically or mentally incapable of managing your affairs. A general power of attorney is often included in an estate plan to make sure someone can handle financial matters. - Durable Power of Attorney(DPOA): This arrangement designates another person to act on the principal’s behalf and includes a durable clause that maintains the power of attorney after the principal becomes incapacitated. - Special or Limited Power of Attorney: In this instance, the agent has specific powers limited to a certain area. An example is a power of attorney that grants the agent authority to sell a home or other piece of real estate. - Springing Durable Power of Attorney: In some states, a “springing” power of attorney is available and becomes effective when a specified event occurs such as when the principal becomes incapacitated.
How to Write a General Power of Attorney?
– Issue Your General Power Attorney Using The Template – Prepare The Title And Introduction With Your Information – Approve The Types Of Authority You Wish To Grant – Additional Information Is Required To Supplement The Remaining Articles – You Should Execute This Appointment Before Two Witnesses And A Notary Public