The Different Types of Power of Attorney: What You Need to Know

What is a power of attorney? This is a question that many people do not have an answer to. A power of attorney is a legal document that appoints someone to act on your behalf. There are different types of power of attorneys, and it is important to understand what each one entails. In this article, we will discuss the different types of power of attorneys and what you need to know about them!

General power of attorney

One type of power of attorney is a general power of attorney. This document gives the person appointed authority to act on your behalf in any legal matter. A general power of attorney can be very useful, especially if you are out of the country or unable to make decisions yourself.

Durable power of attorney

Another type of power of attorney is a durable power of attorney. This document remains effective even if you become incapacitated. This is important, as it allows someone you trust to make decisions for you if you cannot do so yourself.

Special power of attorney

There is also a special power of attorney that pertains to healthcare decisions. This document allows the appointed individual to make medical decisions on your behalf should you be unable to do so yourself. It is important to have this document in place if you do not want your loved ones to make these decisions for you.

Non-durable power of attorney

There is also a non-durable power of attorney. This document becomes ineffective if you become incapacitated. This type of power of attorney is typically used for financial decisions, such as paying bills or handling bank transactions.

Springing power of attorney

There is also a springing power of attorney. This document does not become effective until you are incapacitated, and it allows the person appointed to act on your behalf in any legal matter.

Limited power of attorney

Another type of power of attorney is a limited power of attorney. This document grants authority to an individual for specific tasks or purposes only, such as buying real estate or selling stocks and bonds. The limited nature means that these documents do not last forever; they must be renewed after their expiration date (generally two years).

These are just a few of the different types of power of attorneys that are available. It is important to understand what each one entails and which would be best for you. If you have any questions, please consult with an attorney!