A power of attorney (POA) is a legal document that allows an individual to appoint someone else to legally act on their behalf in financial or legal matters. There are several different types of POA that can be used in different circumstances. It is important to understand the different types and to make sure you choose the right one for your needs. You can navigate to Royal Paradise to get more details about power of attorney.
General Power of Attorney: A general power of attorney is typically used for a short-term period of time, such as when someone is going on vacation and needs someone else to handle their financial affairs in their absence. This type of POA grants the appointed individual broad powers, including the ability to buy or sell real estate, manage investments, and access bank accounts.
Image Source: Google
Limited Power of Attorney: A limited power of attorney is used when a person needs someone else to handle specific tasks on their behalf. This type of POA is limited in scope and usually involves tasks such as signing documents, collecting debt payments, managing real estate transactions, or making medical decisions.
Durable Power of Attorney: A durable power of attorney remains valid even if the person granting the POA becomes incapacitated or unable to make decisions on their own. This type of POA is typically used in the event of a long-term illness or injury and grants the appointed individual the same powers as a general POA. It is important to make sure the document is properly drafted to avoid any potential legal issues.
