There can be certain situations in an individual’s life where a certain person possessing bank accounts, properties, and others might not be able to carry out their duties. It could be because of multiple reasons such as being ill, old, and also being abroad. And during such a situation, if any transaction involves the need of the person to be present, the option is to provide their powers or rights to another individual who can function on their behalf.
It is when one needs to create a power of attorney. When the other person is caught up with other things, it is necessary to provide the rights to someone dependable to act out the sale and registrations. Let’s have a look at the different kinds of power of attorney that are available:
Types Of Power Of Attorney
1. General Power Of Attorney
Here a person can provide another individual a total general power or right to function lawfully concerning his bank accounts, property, tax payments, and even registration work for suing the third party. You can provide this attorney for all the properties, tax matters, banking transactions, legal disputes, and registrations and provide general power for any category such as the property matters. Such power is considered wide and comprises ample risks when you can’t trust the attorney.
2. Non-Durable Power Of Attorney
This type of power of attorney gets used for targeting the measure and for particular transactions where one can grant the agent complete freedom to act on the person’s behalf. And when the transaction gets finalized, it’s time for this power of attorney to get over.
3. Special Power Of Attorney
Another kind of power that gets granted is a special power. It indicates that it’s granted for less than any specific tasks. And when the actual act gets completed this power of attorney will also get terminated. It can get deployed in situations when an individual wants to make their presence in the registration process of a property.
4. Durable Power Of Attorney
Simply put, when it comes to the durable power of attorney, it is much more inclusive of a few factors than the non-durable power of attorney. Also, it often gets used to enable the agent to manage all the activities of the concerned principal, in case they are not able to try and get the same done by themselves. And it doesn’t have a basic measure of the group and it also becomes instantly effective once the principal becomes incapacitated. And it will expire once the principal dies.
5. Medical Power Of Attorney
In the case of a medical power of attorney, there is the power given to the agent to exercise specific control on the decisions related to the principal’s healthcare when they can’t get the same done by themselves. And this generally happens based on the presiding physician’s consent and it enables the agent to act on certain medical decisions.
These are some of the various kinds of power of attorney that you need to know. It will enable you to take better legal actions when you need to use this power.