Power of Attorney
Posted on 02. Mar, 2010 by Admin in Bankruptcy, Uncategorized
- General types of Power of Attorney
- Simple Facts about Power of Attorney
A Power of Attorney could be given to any individual. The choice for an agent is not limited to attorneys but authority could be given to any trusted individual like friends and family members. It is only required that for these documents to be legally binding an attorney must be present to oversee the drafting of the document.
The Power of Attorney can be revoked anytime the grantor deems so. People who wish to delegate authority to another individual are not in danger of losing any of their rights to stop any transaction done in their name due to a Power of Attorney.
These documents could be very detailed or broad in terms of authority. Terms and conditions which limit to what extent the agent could act in your behalf. Getting an attorney in drafting this document don’t only make them able to stand in court but help you understand what each provision in the document mean to you.
Types of Power of Attorney
Basically, there are four types of power of attorney. Each type determines how much authority is given, when the Power of Attorney takes effect and when the contract is terminated. Unless indicated specifically, the Power of attorney is terminated when the grantor dies or is unable to make rational decisions due to mental ailments or physical limitations.
- General Power of Attorney
This gives the agent almost unlimited powers to act in your behalf. A General Power of Attorney however still comes under the principle that all actions taken by the agent be in the best interests of the grantor
- Limited Power of Attorney
A Limited Power of Attorney expressly defines what actions an agent can make in behalf of the grantor. It determines the period of the documents validity and at which circumstances it is considered legal.
- Springing Power of Attorney
This type of Power of Attorney stipulates special circumstances wherein an agent might act in the interest of the grantor. These are often cases when the individual becomes incapacitated due to a sudden illness or physical injury.
- Durable Power of Attorney
The legality of a Power of Attorney is often terminated after the grantor dies or becomes incapacitated. However, the Durable Power of Attorney extends any authority even after the grantor dies or becomes incapacitated.
For further reading and resources on Probate Law visit Public Attorney Adrian Philip Thomas, Florida
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