Are there different types of powers of attorney?
Yes. There are “Nondurable,” “Durable,” and “Springing” Power of Attorney. A “Nondurable” Power of Attorney takes effect immediately. It remains in effect until the Principal revokes it, or until the Principal becomes mentally incompetent or dies. A “Nondurable” Power of Attorney is often used for a specific transaction, like the closing on the sale of residence, or the handling of the Principal’s financial affairs while the Principal is traveling outside of the country. A “Durable” Power of Attorney enables the Agent to act for the Principal even after the Principal is not mentally competent or physically able to make decisions. The “Durable” Power of Attorney may be used immediately, and is effective until it is revoked by the Principal, or until the Principal’s death. If you don’t specify that you want your power of attorney to be durable, it will automatically end if you later become incapacitated. A “Springing” Power of Attorney becomes effective at a future time designated in adv
A. Yes. There are “Nondurable,” “Durable,” and “Springing” Powers of Attorney. “Nondurable” Power of Attorney – takes effect immediately. It remains in effect until it’s revoked by the Principal or until the Principal becomes mentally incompetent or dies. It is often used for a specific transaction, like the closing on the sale of a residence, or the handling of the Principal’s financial affairs while the Principal is absent or unavailable. “Durable” Power of Attorney – enables the Agent to act for the Principal even after the Principal is not mentally competent or physically able to make decisions. It may be used immediately and is effective until revoked by the Principal, or until the Principal’s death. “Springing” Power of Attorney – becomes effective at a future time. That is, it “springs up” upon the happening of a specific event chosen by the Principal, which is spelled out in the Power of Attorney. Often that “springing” event is the illness or disability of the Principal. It wi
Yes. There are “Nondurable and “Durable” Power of Attorney. A “Nondurable” Power of Attorney takes effect immediately. It remains in effect until it is revoked by the Principal, or until the Principal becomes mentally incompetent or dies. A “Nondurable” Power of Attorney is often used for a specific transaction, like the closing on the sale of property, or the handling of the Principal’s financial affairs while the Principal is travelling outside of the country. A “Durable” Power of Attorney enables the Agent to act for the Principal even after the Principal is not mentally competent or physically able to make decisions. The “Durable” Power of Attorney may be used immediately, and is effective until it is revoked by the Principal, or until the Principal’s death. What kinds of legal authority can be granted with a Power of Attorney? A Power of Attorney can be used to grant any, or all, of the following legal powers to an Agent: • Buy or sell your property • Manage your property • Conduc
There are three basic types of powers of attorney: nondurable, durable, and springing. A nondurable power of attorney is a power of attorney given to an agent to handle a specific transaction, such as the sale of real estate. A durable power of attorney permits the agent to act on behalf of the principal until the principal revokes the power or until the principal’s death. Durable powers of attorney continue in effect even if the principal becomes incompetent (unable to conduct his or her own affairs). A springing power of attorney becomes effective at a future date when a specific event occurs, such as the principal’s illness or disability. A springing power of attorney is effective until the principal’s death or until it is revoked by a court. Who should be appointed as agent under a power of attorney? Under a power of attorney, the agent has legal authority to act on behalf of the principal regarding the principal’s personal and financial affairs. Consequently, a trustworthy person
