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Types of Power of Attorney

Do you have a POA form? Do you need to get it notarized? Consumers might need to get a POA notarized to appoint an individual to act for them in case they cannot. Likewise, businesses might implement POAs as part of their business format.

No matter what the POA case your circumstance calls for you will want to get comfortable with these 4 types of power of attorney to guarantee you execute the right one.

1. General Power of Attorney

A general power of attorney is a broader type of power of attorney that imparts someone more of a general authority to deal with your affairs. The person you appoint to act for you, also called an agent, can handle a wide range of tasks, including selling or buying real estate or entering contracts.

2. Special or Limited Power of Attorney

If you are looking to slim down what your agent can do for you, you will want to decide on a special or limited power of attorney.

Prior to signing, getting a limited POA and taking it to a notary, you will want to be as detailed as you can as it is associated to what your agent can and can’t do on your behalf. If you are not sure of what is included in your special power of attorney, it’s a good idea to speak with your lawyer first.

3. Durable Power of Attorney

The chosen type remains effective for the specified duration. Ending a durable or non-durable POA is possible by canceling or setting a termination date. But what if the person executing the POA becomes incapacitated? Does the POA still stand?

In such a scenario, if you want the POA to endure even if you’re mentally unable to communicate, a durable POA is ideal. For instance, if you have a stroke, fall into a coma, and wish your spouse to make decisions, specifying a durable POA grants your spouse decision-making authority despite your coma.

4. Medical or Healthcare Power of Attorney

If seriously ill, you retain the right to choose your medical treatment. A healthcare POA empowers a trusted agent to make medical decisions in your stead if you can’t. In situations where you cannot articulate your wishes, having a trustworthy agent is crucial. Many medical POAs are durable, recognizing potential mental incapacity. When selecting an agent, consult your lawyer. It’s advisable to seek your lawyer’s guidance on notarizing and document requirements.

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