Whether you are incapacitated because of an accident or sudden illness, or unavailable due to unplanned or scheduled absence, or unable for any reason to make bank deposits, pay bills, sign a deed to transfer property, sign contracts, or decide other important matters, including medical, insurance, and benefits paper work, you would need somebody to handle your affairs for you.
A power of attorney may be required to enable another person to handle your affairs for you, get access to your bank and other financial accounts and conduct other business. Without a power of attorney, your relative, parent, or interested party must begin costly legal proceedings to be appointed as your guardian authorized to handle your affairs.
What is a Power of Attorney
A power of attorney (POA) is a legal document that allows a person, known as the principal, to authorize some other person or entity to act as his agent or personal representative, known as “attorney-in-fact”, and may grant either limited or broad authority for the agent. A power of attorney may terminate at some point in the future either by its terms or by operation of law, such as death of the principal or death of agent unless a successor agent is named in the (POA). It may also be revoked by the principal at any time, provided principal is still competent.
Types of Power of Attorney
- Durable: A durable power of attorney is a power of attorney that remains enforceable or becomes effective upon the principal’s becoming incompetent or incapacitated.
- General POA: A general power of attorney is a power of attorney giving the agent broad powers to manage the principal’s affairs.
- Special or Limited POA: A special or limited power of attorney is a power of attorney authorizing the agent to act in only specified matters or for a particular purpose.
- Statutory POA : A statutory power of attorney is a power of attorney that is identical with the language provided in a state statute.
- Springing POA – A springing power of attorney is a power of attorney that becomes effective and is triggered when a specified event, date, or condition occurs.
Some other common types of powers of attorney may include: health care power of attorney, financial power of attorney, power of attorney for care and custody of children, power of attorney for the sale of real property, and power of attorney for the sale of personal property.
SERVICES FOR POWER OF ATTORNEY:
At Noorani & Villar, we provide full services for the preparation of various powers of attorney.
Please contact Noorani & Villar, P.C., where our attorneys will assist you in your Power of Attorney requirements.