The Powers of attorney is characterized as the written authorization for representation before the private affairs, or in business, or some other legal matter. It is also called as a letter of attorney.
The term “power” is referred to as an instrument signed under seal. A “letter” is an instrument that has been signed by the parties. But currently, the power of attorney must be signed under seal. In certain jurisdictions, there is a need of powers of attorney to be notarized or witnessed
A Power of Attorney has its different types. A Power of Attorney can either be in general or limited to a specified purpose. When the principal is not able to attend different dealings, he appoints an Attorney to perform the required actions on his behalf.
1. General Power of Attorney:
Where the principal authorizes the Attorney to do certain general acts on his behalf. The word ‘General’ here means that the power must be general regarding the subject matter and not general with regard to powers in respect of a subject matter.
2. Non-Durable Power of Attorney
The nondurable 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. When the transaction is finished, or should the principal become disabled during this time, the nondurable power of attorney ceases.
3. Durable Power of Attorney
The durable power of attorney is more covering than the nondurable power of attorney and it is used to allow an agent to manage all the affairs of the principal should they become unable to do so. It does not have any set time duration and it is effective immediately upon the breakdown of the principal. It does expire upon the principal’s death.
4. Special Power Of Attorney:
In this type, the principal advises powers to the Attorney for acting for a specified purpose and it ceases to exist once the purpose is over or carried out. The transaction can be single or multiple as specified. To learn more, visit Special Power of Attorney section.
5. Medical Power of Attorney
The medical power of attorney gives authority to the agent for taking the control over the health care decisions of the principal should they become incapacitated or unable to do so. It takes effect upon the approval of the ruling physician and it allows the agent to authorize all medical decisions related to the principal.
6. Springing Power of Attorney
This type is effective at a future time and the specific event occurs, such as the incapacitation of the principal or a triggering event that occurs while the principal will be treated as it is out of the country and unable to act upon it. This type of power of attorney is durable or nondurable and can involve any number of affairs the principal wants to assign to the agent.
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