3 Common Types of Power of Attorney Documents

  • A power of attorney (POA) is the name given to a legally binding document that lets you – as a principal – appoint a person or even an organization – known as agent or attorney-in-fact – for efficient management of all your affairs in case you are unable to handle the same. Keep in mind that not every POA document has the same powers. Each specific type offers a special type of control.

     

    General POA

     

    A general power of attorney provides an organization or individual with broad powers to serve for you. Such types of powers include hiring professionals, running business operations, setting claims, purchasing life insurance policies, dealing with business and financial transactions and even gift-giving. This can be a useful document if you would be out of the state or country for some time and would need someone to deal with specific matters, such as when you are mentally or physically incapable of managing your own affairs. Often, this type of POA is included in some estate plan to ensure that someone is able to deal with financial matters. Please visit this website for more info about free power of attorney form.

     

    Special POA

     

    With a Special or Limited Power of Attorney, you may exactly specify the powers that can be exercised by an attorney-in-fact that you appoint. It is used often when a principal is unable to deal with some affairs owing to poor health or some commitments. Dealing with business transactions, collection of debts, real estate management, sale or real estate or personal property etc are a few common affairs that are mentioned in this type of POA document.

     

    Health Care POA

     

    It can be used to grant authority to agents to take medical decisions on your behalf in case you cannot take your own healthcare decisions, are mentally incapacitated or even unconscious or in a coma. This is not the same as a Living Will and Testament.

     

    For more information about getting a power of attorney form in Illinois and power of attorney form in GA, please visit this website.

     

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