What Types of Decisions are Authorized by a Power of Attorney?
There are several standard powers that can be included, such as the ability to pay bills, transfer funds, or complete business transactions. However, there may be more specific reasons you want to execute a power of attorney. Almost any decision you can imagine can be delegated by a power of attorney. Blank forms include many standard powers, yet if there is a substantial amount of money at stake, or if it is some other important decision, a specific power of attorney is much more likely to be accepted as valid. It is wise to consult an attorney in drafting the power of attorney to insure that it is effective when it is needed most: at the time the decision needs to be made. Is There Only One Type of Power of Attorney? In fact, there are three types of powers of attorney, a limited power of attorney, a durable power of attorney, and a springing power of attorney: • Limited Powers of Attorney – A limited power of attorney is used only for one reason outlined when the power is executed i
