So, whether you are sick, healthy, or young and vibrant, it’s always wise to prepare for the unknown. You can benefit from these forms and delegate the performance of various critical tasks to an agent. Below are some of the common types of power of attorney you can benefit from.
General POA
This type of POA authorizes individuals to handle financial issues for their grantors. Here, grantors give their agents legal power to act for them. However, they lose their authority to act for their principals when their principals die or become incapacitated.
Durable POA
This type of POA is an “advanced edition” of the general one since it extends its limitations. The difference here arises in that the agent can continue with their stewardship even after their principal’s incapacitation or death.
Medical POA
This type of POA authorizes an agent to make decisions on matters relating to their principal’s health. It applies in cases where the principals are mentally sick or senile. It also benefits Illinois workers engaged in life-threatening jobs like logging or commercial fishing.
Limited POA
This version of a power of attorney has limited scope to everything the principal grants their agent. Mostly, agents are authorized to deal with financial and medical matters. However, they can’t do anything else outside their defined scope. For example, an agent authorized to deal with health matters can’t sell or pledge their principal’s property. Their authority to act ends with their grantor’s death.
Minor POA
This form of POA affects a child’s matters. Parents can grant the power to make decisions for their children in their parents’ absence. For instance, they authorize their agents to make decisions for their children during medical emergency cases. The stewardship usually applies when parents are abroad for a long time.
Vehicle POA
This type of POA gives a principal’s agent the power to deal with every document connected to their principal’s vehicle registration and titles.
Tax Power of Attorney
The laws of Illinois allow for the tax power of attorney. The Form IL-2848 serves this need. Under this arrangement, qualified accountants handle all their grantors’ tax matters. For example, the law allows them to prepare and submit taxes on principals’ behalf.