Remember, tomorrow is a promissory note and a mystery to all of us. Thus, you can delegate to enjoy different types of the POA. Below are some of the leading types of power of attorney.
General POA
This power of attorney authorizes individuals to take care of financial issues on their grantors’ behalf. The agents receive duties and have the legal authority to handle matters on their principals’ behalf. Their tenure expires when their principals die or become disabled.
Durable POA
This type of POA allows agents to make decisions for their principals in specific situations. It’s an extended form of the general power of attorney because it remains in force even after grantors die or become incapacitated.
Limited/Special POA
This type of stewardship is limited in its scope. The principal determines specific duties their agent should perform. For example, if they grant them the power to make financial decisions only, they can’t handle health-related matters. Its tenure expires following the principal’s death.
Vehicle POA
A vehicle power of attorney is related to the documents surrounding a principal’s vehicle registration and title. Form IDT-3368 initiates this POA.
Parental POA
Under this arrangement, parents can delegate a part of their decision-making powers over their underage children to temporary guardians. Mostly, they delegate this authority when they are abroad for an extended period. It enables the temporary guardians to make emergency decisions in the child’s interest. For example, they can decide that a child undergoes medical surgery to save their lives.
Real Estate POA
The real estate type of POA lets grantors delegate some of their authority to manage, dispose of, or purchase property to agents.
Medical POA
This power of attorney is a type of a living will in Idaho. You can use it to grant some of your authority to an agent to make medical and other health-related decisions for you. Mostly, elderly persons benefit from this type of POA. It also applies where the principal is mentally sick. Persons involved in risky jobs like commercial fishing or logging can also benefit from this type of power of attorney.
State Tax Power of Attorney
Idaho residents can also benefit from this type of delegation. It allows qualified persons, for example, accountants, to perform all tax-related duties on their grantors’ behalf. These agents can prepare and submit taxes for their principals.