Here are the different types of South Dakota power of attorney forms:
General POA
This type of power of attorney form bestows one person the mandate to manage the principal’s financial affairs. According to the South Dakota state laws, the agreement becomes invalid when the grantor dies or is incapacitated.
Durable POA
Durable agreements are quite similar to general POA documents but hold more power when it comes to validity. When the grantor falls ill or becomes incapacitated due to an accident or other reasons, the court will still recognize the agreement.
Limited POA
When a grantor wants to assign specific powers to an agent, the limited power of attorney form will serve the purpose. In such an agreement, the attorney-in-fact can have the authority to manage financial matters but not finalize any transactions at hand. It all depends on the principal’s wishes. This form is also called a special power of attorney, and the powers diminish upon the grantor’s death.
Minor Child POA
When a parent has to travel overseas for an extended period, he/she can create a minor child power of attorney form. The agent is a temporary guardian and makes critical decisions in case of a health emergency on behalf of the parent.
Medical POA
This document issues permission to an agent to make crucial decisions when the grantor cannot handle his health care issues. For instance, when the principal has Alzheimer’s disease, giving consent for particular drugs and treatment can be challenging.
Revocation POA
A grantor can opt to annul a power of attorney agreement using a revocation form. It ends the current contract between a principal and an agent. However, the grantor must sign the document while in good mental health to be considered valid.
Real Estate POA
When you fall ill and can’t run your real estate business, you can assign an agent to handle all your property dealings with customers. For instance, buying, selling, or leasing properties on your behalf as a grantor.
Vehicle POA
You can assign an attorney-in-fact the authority to buy or sell motor vehicles using the Form MV-008, a vehicle power of attorney. The agent will be responsible for signing all the Motor Vehicle Department of South Dakota paperwork.
Tax POA
This document is referred to as Form RV-071, and it permits you to assign authority to an expert to conduct tax preparation and filing. The agent will submit all of your tax data to the Revenue Department of South Dakota.