The type of power of attorney form that principals should use varies greatly on their circumstances and the goals. Some last for only a short period while others hold effect even if the principal has become disabled in any way, shape, or form. A few of the most common Vermont power of attorney forms are:
General Power of Attorney
Using a general POA, principals can appoint someone to handle their financial and business-related matters. This type of POA is only valid as long as the principal is in good health and will lose its validity if the principal is to become disabled or die.
Durable Power of Attorney
Just like the general POA, a durable POA grants the attorney-in-fact control of monetary affairs. One key difference in a durable POA is that it will remain valid if the principal becomes disabled. This is likely the case used if someone is elderly or at risk for a deteriorating mental disease.
Limited Power of Attorney
Using this type of POA, principals can specify the exact terms that the appointed attorney-in-fact can control. These include temporarily needed services dealing with mortgages, taxes, or even business-related matters that require a professional.
Medical Power of Attorney
A medical power of attorney is also referred to as an “advanced directive.” Using this form, the principal can pass the responsibility to make medical-based decisions over to the attorney-in-fact, both minor and severe. These are mostly used in cases when the principal is terminally ill, fighting cancer, or works in a high-risk job.
Minor Child Power of Attorney
In some cases, parents are called out of the country for an extended period. This could be due to military requests or other business that requires their presence. If this is the case, parents can use this form to pass guardianship over to a trusted individual to watch over their child.
Tax Power of Attorney
Using a tax power of attorney (Form PA-1), Vermont citizens can select an attorney-in-fact to handle any tax-related documents. This authority could include the preparation and filing of annual tax documents as well. In most cases, principals choose an accountant or a certified tax preparer, taking precautions to ensure that paperwork is filled out and filed correctly. If any fines are due as per faults in paperwork, all responsibility falls to the principal and is their sole responsibility to pay.