-Have you started estate planning? Power of attorney is a document that you will need when you want to appoint an agent to manage the affairs of the family. But there are different types of POAs, and each one has a purpose and grants a different level of authority to the agent.
Springing Power of Attorney
Purpose
Using this POA, the grantor can give powers to the agent to act on his behalf when certain event occurs in the future. POA helps in incapacitation, or when the grantor is out of the country and is unable to act upon. This POA can be durable or non-durable.
Come into Effect
Once the event triggers or conditions mentioned in POA meet, the agent starts to act on behalf of the principal.
When to Use?
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- Expecting Risky Event. For instance, when moving overseas in a condition involving life-risk.
- Prolonged Unavailability. If you are traveling abroad for, and can’t be present to act on your own, you can use the POA to enable trusted someone to work on your behalf and fulfil your requirement.
Comes to End
It can come to an end at a specified time, in the event of incapacitation or death. Power of attorney Form Connecticut to create any POA is available for free at Forms. Legal.
General Power of Attorney
Purpose
Using this POA, you can give the agent many powers to act on your behalf. The agent will be able to act on any financial, business, real estate, and legal decisions. He can make banking transactions, buy and sell the property on your behalf, pay the bills, and enter into the contracts representing you.
Comes into Effect
Once you sign the POA form, the agent is immediately empowered to act on your behalf.
When to Use?
This form of POA gives extensive powers to the agent.
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- Short Durations. For instance, you are traveling out of the country for an extended period. You can give use this POA to empower someone very trusted to act on your behalf if the need arises.
- Inability to Act. When you are unable to act physically or mentally, this POA is very useful.
Comes to End
It comes to an end upon death or complete incapacitation.
Medical Power of Attorney
Purpose
It is also known as an advanced directive and allows you to name a healthcare agent. The agent will take medical decisions in situations when you can’t. The agent will also be empowered to make decisions on the medical treatment, surgical procedures, nutrition and hydration, donation of an organ, choice of healthcare facilities, and handling of medical records. If you have a Living Will in which you have mentioned preferences, the agent will ensure that the healthcare providers give the medical care following that.
Comes into Effect
The medical power of attorney becomes active as soon as you sign it. But it can be used only when you are declared incompetent mentally by the physicians.
When to Use?
Expecting Medical Emergency. If you are undergoing a fatal health condition, it’s best to give healthcare POA to someone trusted.
Comes to End
Once the grantor dies, the POA comes to an end or when he recuperates fully to a reasonable health condition.
Durable and Non-Durable Power of Attorney
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Durable POA. It’s used to allow the agent to manage all the affairs of the principal or grantor if they are unable to do so. This POA becomes immediately after signing. For instance, if you can’t manage the day to day affairs on your own, use a DPOA. It comes to an end with the death of the principal.
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Non-Durable POA. It’s used for a limited period and for the specific transaction which you grant the agent to act on your behalf. It’s adequate for a specific task. The POA comes to an end once the task for which POA was granted comes to an end.
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Forms. Legal Helps to Create any POA
You can choose which type of POA you want and also the power that you want to grant to the agent. Sign up now use desired power of attorney form Connecticut and create POA for free.