Since life is unpredictable, it is imperative to prepare for disastrous situations, such as sicknesses or accidents. But, since people face different challenges, the reasons for creating a power of attorney document always varies. That is why you can get various types of North Dakota power of attorney forms. Below are the common types:
General POA
This type of document grants power to a particular person to conduct and execute financial matters on the principal’s behalf. However, it becomes invalid if the principal dies or becomes incapacitated. North Dakota state laws permit the agent to manage all the monetary affairs of the grantor.
Limited POA
It is also called a special power of attorney since it carries specific powers as stated by the grantor. For instance, an agent can have the power to manage finances or initiate health decisions but can’t sell any of the grantor’s property. It all depends on the powers the principal decides to give the agent.
Durable POA
This POA type is also called a statutory power of attorney, which is almost similar to a general POA. The only difference is that the form extends its validity even after the grantor becomes incapacitated due to illness or disability.
Minor POA
Such a document permits parents to hand over legal rights affecting their minor child to a trusted guardian. It is a temporary arrangement for parents who may be away from their child for a definite period due to work trips or other essential commitments.
Healthcare POA
This document permits the grantor to bestow an agent the authority to make critical health decisions in case of incapacitation due to illness or injury. For example, someone with Alzheimer’s disease can’t make any treatment decisions. Thus, he/she requires an agent to take over her medical decisions.
Revocation POA
This type of document annuls the power of attorney agreement due to various reasons. The only requirement is that the grantor must sign the form willingly in the right mental health, without third-party influence.
Vehicle POA
The grantor assigns an agent authority to manage all the crucial paperwork involved during the buying and selling of a motor vehicle. However, the agent must liaise with the North Dakota Department of Motor Vehicles.
Tax POA
The tax power of attorney in North Dakota, also known as Form 500, permits an agent to prepare and file tax obligations on behalf of the grantor. However, the agent must be a professional, like an accountant or a financial expert.
Real Estate POA
This document gives an agent authority to manage all the property decisions on behalf of the principal. These may include buying, selling, or leasing of any real estate.