Carl Glendon

What Are Three Important Types Of Power Of Attorney?

A Power of Attorney is a legally binding document which becomes very important when you are not physically present or incapacitated to take your own decisions. With the help of this kind of document, you can appoint a person to manage your financial affairs, medical affairs or property affairs. It can also be an essential part of your overall estate plan. Read and find out about the power of attorney form and the three types that are used commonly.

General power of attorney

It is a broad mandate that can authorize a person with a lot of power, so that he can deal with the affairs of a principal in a proper way. The person who is appointed as an agent acts on behalf of the principal and has to handle various important tasks such as selling or buying real estate properties or even signing contracts on the behalf of the principal.

Special or Limited power of attorney

A Special power of attorney or Limited power of attorney is the type of document that should be chosen by a principal who would like to limit the authorities of his appointed agent. Before signing a limited power of attorney to notice it a person who acts as the principal should be as detailed as possible in order to clearly define the responsibilities that the agent should deal with.

In case the principal is not clear about what needs to fall under the Limited power of attorney form in Indiana, it is best to have a discussion with a lawyer.

Durable power of attorney

It is effective only during the period that a principal wants to have someone else act for him. A Non durable kind of power of attorney will end as soon as its specified expiration date arrives or when it is revoked by the principal. However, if the principal gets debilitated, the power of attorney will enter into complexities. In that case, the principal would like to keep the power of attorney active even if he is unable to communicate.

If the principal becomes comatose, he would like to make sure that the agent carries on with the duties given to him and keeps on dealing with the affairs of the principal. He can do that with the help of a Durable power of attorney.

Author Bio

Carl writes often about legal drafting, rental lease agreements, power of attorney form sand help the people in such needs.