Prolonging
power of attorney (POA) rights is common practice in personal finance, business
and estate planning. This type of document allows an individual to transact or
make medical decisions on your behalf. Before granting POA rights it is
important to think about it carefully. The authorized individual is called an
attorney-in-fact or an agent. They are allowed to handle and decides on various
tasks on your behalf.
Picking the
Right Attorney-in-fact Agents can be anyone that you can trust. That person should be at least 18 years of age
and is capable of making important decisions or carry out significant tasks. It
is important to choose someone that can meet requirements and is honest and
ethical. If the agents
are assigned for medical power of attorney they must be someone which you can
depend on to convey your medical decisions to doctors and do whatever is needed
to make sure your directions are followed.
It is best if
you give careful consideration in selecting an agent. The responsibilities can
put the agents in a hard position particularly those representing you as health
care agents. People must be someone that you can depend on to decide on medical
choices no matter what others think.
Types of Power
of Attorney Forms
There are
several forms of power of attorney, these include: General, Limited, Durable,
and Special.
The Durable
POA (Download at powerofattorneyform.com/durable.htm) is one of the most frequently utilized forms. This will provide the agents
the right to act as the Principal’s representative for personal, legal matters
and business. Rights are effective until the principal revokes the POA or dies.
The General
POA (Download at http://powerofattorneyform.com/general.htm) allows agents to take part in several transactions. This might be employed
to allow agents to take care of personal finances, sale of real estate,
investment matters, motor vehicles or presume management responsibilities in
the Principal’s transaction.
Special or
Limited power of attorney gives limited privileges and only lets agents to
engage in particular tasks. The type of POA can be utilized for many types of
dealings which includes selling or buying realty or handling personal finances.
As soon as the agents carry out the needed tasks their rights are revoked
automatically.
The Medical
Power of Attorney is one of the important factors of estate planning. This type
of POA allows agents to carry out health care decisions on the behalf of the
principal. The agents don’t get involved with decision making until the
principal’s health care professional files a statement of incompetency.
There are some
treatments and procedures which agents are not allowed from being involved
with. It includes making decisions regarding abortion or having the principal
brought in a mental institution.
The Springing
Power of Attorney is employed in instances which include injury or illness.
This form enables health care experts to provide medical records to the
assigned agent. If a springing POA is used agents need to get court
authorization about any decisions created on the Principal’s behalf.
Finally,
Medical POA (Download at powerofattorneyform.com/medical.htm) is utilized to allow caregivers to have emergency medical care for
children. This is needed in daycare centers, however should also be recognized
for home day care providers and nannies.
It is advisable to
obtain legal counsel to make certain the correct type of power of attorney is set
up. Attorneys can provide directives about choosing agents and establish legal
documents for a nominal fee.