This POA type is the commonest of all power of attorney documents. It gives an agent powers to manage the principal’s financial affairs. However, the document loses its power once the principal gets incapacitated or dies.
Limited or Springing POA
This POA type was designed for specific circumstances in which a principal may need the agent’s help. It means that under the limited POA’s conditions, an agent doesn’t perform any assigned duties regularly, stepping on only after some condition is realized. The latter activates the POA, making it “spring” into effect and empowering the agent to make some specific decisions.
Durable POA
The durable POA type is an extension of the general POA with the only exception – it still holds force after the principal gets incapacitated. In cases of the principal’s death, the same works for the durable POA; it loses its effect and becomes void.
Medical POA
Medical power of attorney documents are drafted for the situations when the principal doubts their mental and physical capacity and wants to get the reassurance of having a trusted individual to decide on their treatment. Agents assigned with a medical POA can pay for the principal’s treatment from the principal’s account, can make treatment-related decisions, but are not allowed to terminate the life-sustaining support. In this way, the principal’s life or death decisions lie beyond the scope of medical POA powers.
Minor Child POA
If you have minor children and need to go abroad for some time, it’s the right time to compose a minor child POA. This document will give an assigned agent power to pay for your kids’ tuition, make vital decisions about their accommodation and wellbeing, and manage the rest of their affairs that you may be unavailable for.
Revocation POA
POA usually specifies the terms or the duration of the agent-principal relationship, but things change, and you may want to alter or annul the agent’s powers earlier than the document specifies. In this case, you should file another POA – the revocation type – to annul the previous POA. A copy of the revocation POA should be delivered to the agent to notify about their duties’ termination.
Vehicle POA
You may need a vehicle POA once you decide to buy or sell your vehicle. Talking to the prospective buyers and sellers may be too time-consuming. Besides, you could lack the vital technical skill and knowledge to strike a profitable deal. Thus, it may be useful to find a professional car dealer and entrust them with the deal via a vehicle POA.
Real Estate POA
Selling or buying real estate is also a serious undertaking that not everyone has the time and desire to study in-depth. Thus, when you need to get a real estate deal completed, you can hire an agent and give them the authority to sign a deal on your behalf based on the predetermined parameters.
State Tax Power of Attorney
Not everyone is good at calculating and filing taxes, so they may need a professional to help them out. To have your taxes managed by a pro, sign a state tax power of attorney and assign an accountant to submit the IRS Form 2848 on your behalf. However, keep in mind that all errors or fines for miscalculations lie on the principal, not the agent, so be careful when assigning agents. These should be qualified experts that will not let you down.