When we are talking about power of attorney is when you need a little help making big decisions which you may find difficult to make or when the person who supposed to make these decisions is in incapable or when the grantor/ the person transferring the power is incapacity to perform his power. A Power of Attorney form (also known as a POA) allows you to give permission to another person of your choice or an entity (your agent) to act on your behalf. Your agent or this agent doesn’t have to be only a lawyer, and their Power of Attorney is defined entirely by you (the grantor).
Power of Attorney form
To have a POA made, there are some requirements and structure which needs to be follows such as:
- The person who creates a power of attorney, known as the grantor, can only do so when he/she has the requisite mental capacity,
- There is an oral and written POA. When it’s oral, we need to have the same in written form as its required by many different corporate bodies so that they can honor the power transferred to the agent by the grantor otherwise the power is doubtful and cannot be recognize by some corporate bodies.
power of attorney sample
There are many types of power of attorney sample and they are different each other.
These are the power of attorney form:
- Non-durable Power of Attorney,
- Durable Power of Attorney,
- Special or Limited Power of Attorney,
- Medical Power of Attorney and
- Springing Power of Attorney.
- Non-durable Power of Attorney
The non-durable power of attorney is used only for a set period of time and usually for a particular transaction in which you grant your agent authority to act on your behalf. Once the transaction is completed, or should the principal become incapacitated during this time, the non-durable power of attorney ceases.
- Durable Power of Attorney
The Durable Power of Attorney is much more encompassing than the non-durable power of attorney. This can be used to allow an agent to manage all the affairs of the principal when the grantor is becoming unable to do so. It does not need a set time period to enter in motion and it becomes effective immediately upon the incapacitation of the principal. It does expire upon the principal’s death.
- Special or Limited Power of Attorney
A special or limited power of attorney is used on a limited basis for one-time financial or banking transactions, or for the sale of a particular property or article. This type of power is mostly or often used when the principal is unable to complete the transaction due to prior commitments or illness and wants to appoint an agent to act on their behalf. The agent has no other authority to act on behalf of the principal other than what is assigned to them in the limited power of attorney.
- Medical Power of Attorney
The Medical Power of Attorney grants authority to the agent to take specific control over the health care decisions of the principal should they become incapacitated or unable to do so. This usually takes effect upon the consent of the presiding physician and it allows the agent to authorize all medical decisions related to the principal. This can be applied to some critical medical cases.
- Springing Power of Attorney
A springing power of attorney becomes effective at a future time and only when a specific event occurs, such as the incapacitation of the principal or a triggering event that occurs while the principal is out of the country and unable to act upon it. This type of power of attorney can be durable or non-durable and can encompass any number of affairs the principal wants to assign to the agent. This process usually applied to people such as Vice President, Prime Minister or Secretary of State and it depends of the country or organization departmental structure. In country like USA, the Vice President can acts as a President with this springing power of attorney when the president is incapable to as due to some reasons or when he is even outside of the country and find himself in a big situation where he is cannot use his power.
Regardless of your circumstances, there is a POA form that can be crafted specifically for your needs. This is a valuable tool to assist people with any legal requirement. Whether it be assuming control of their affairs because of incapacitation or taking charge of a business deal that a principal cannot attend because of other commitments, the power of attorney template allows people the flexibility and security to know their affairs are being looked after in a responsible manner.
In a conclusion, we can say that a durable power of attorney form, also called POA, is a document which is made and required when a grantor is transferring his power to a person of his choice to achieve some duties he supposed to do but finds himself in incapacity due to some situations and will like that the tasks to be completed but by someone else or another party.