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Thu Oct 23, 2014
 
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What kind of Powers of Attorney (POA) are available?  
"There are three basic types of Powers of Attorney (POAs): Nondurable, Durable, and a Springing Power of Attorney, each of which can be drawn up to give an Agent very broad, or very limited (specific) legal authority. A Nondurable POA is often used for a specific transaction, such as the sale of the Principal’s Privately Owned Vehicle (POV), the closing on the sale of residence, or other type of financial matter on behalf of the Principal while he/she is traveling outside of the country. A Nondurable POA takes effect immediately and remains in effect until it is revoked by the Principal, or until the Principal becomes mentally incompetent or dies. A Durable POA authorizes 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 it is revoked by the Principal, or until the Principal's death. A Springing POA becomes effective at a future time, based on the happenings of a specific event chosen by the Power of Attorney, such as the illness or disability of the Principal. This type of POA remains in effect until the Principal's death, or until revoked by a court. "
Keywords: POA, legal issues, General POA, Specific Power of Attorney

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