What are the Types of Powers of Attorney?
This power of attorney is a form of agency. The person who gives the power is the principal, and the person who receives the power is the attorney-in-fact or agent. Durable in this context means that the agent`s power will survive the principal`s incapacity or disability. There are two types of Powers of Attorney: Financial Power of Attorney for Property and Healthcare Power of Attorney. The difference between the two is the authority granted to the agent, as described below: The Financial Power of Attorney. The agent`s authority to act for the principal under a Financial Power of Attorney is based on the powers that the principal gives to the agent. Whether broad, general powers or limited, the specific powers given to the agent are completely determined by the principal. Among other things, the principal may delegate to the agent in the Financial Power of Attorney the authority to make deposits and withdrawals from his/her checking account, to file his/her tax returns, and to sell hi
