Types of Power of Attorney

Power of Attorney Explained: Steps to Protect Your Assets

Power of attorney is a legal document that grants one person the authority to act on behalf of another. The scope and duration of this authority can vary widely, depending on the type of power of attorney granted.

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Understanding the different types of power of attorney can help individuals make informed decisions about how to best manage their affairs in situations where they may be unable to do so themselves.


One common type is the general power of attorney. This gives the agent, also known as an attorney-in-fact, broad powers to handle the principal's financial matters. The agent can open and close bank accounts, buy and sell property, file taxes, and engage in other financial transactions on behalf of the principal. However, this type ends if the principal becomes incapacitated unless it is specified as durable.


A durable power of attorney remains effective even if the principal becomes incapacitated due to illness or injury. This durability is what makes it particularly important for estate planning purposes; it ensures that someone can manage your affairs should you be unable to do so yourself due to mental or physical disability.


There's also a special form called a springing power of attorney which comes into effect only when certain conditions are met, typically when the principal becomes incapacitated.

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The "springing" aspect refers to its activation mechanism - it springs into action upon the occurrence of specific events detailed in the document.


Another variant is a limited or specific power of attorney.

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This version gives limited powers to the agent for specific tasks over a set period-for example, selling a property while you're abroad or managing a particular financial transaction.


Healthcare or medical power of attorney is another critical type which allows an agent to make healthcare decisions on your behalf if you're unable to do so. This goes beyond financial matters and includes consenting to give, withhold, or stop medical treatments, services, or diagnostic procedures.


Lastly, there's a military power of attorney which provides military service members with an option tailored for their unique needs; often providing broader powers due to deployment circumstances but under protections outlined by military regulations.


In conclusion, understanding these various types helps ensure that you have appropriate arrangements in place for different situations. Whether you're planning for potential incapacity due to illness or injury with a durable POA, managing specific transactions with a limited POA or preparing for deployment with a military POA – being informed about these legal tools will enable you better control over your personal and financial matters no matter what life throws at you.

Types of Power of Attorney
Types of Power of Attorney
The main types of POA include General Power of Attorney, which grants broad powers to an agent; Durable Power of Attorney, which remains in effect if the principal becomes incapacitated; and Special or Limited Power of Attorney, which grants authority for specific tasks or time periods.
A Durable Power of Attorney remains effective even if the principal becomes mentally incapacitated, whereas a General Power of Attorney typically ceases to be valid if the principal loses mental capacity unless it includes language specifying its durability.
You should consider creating a Special or Limited Power of Attorney when you need someone to handle certain affairs on your behalf for a limited time or for specific transactions, such as selling property, managing investments, or completing financial transactions while you are unavailable.

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