What Are The Common Types Of Power Of Attorney Forms Used Today?
A Power of Attorney form is used at anytime that somebody needs to authorize an individual for carrying out some actions on their behalf. This kind of form is used often for the purpose of estate planning. It can specify the directives written with respect to the types of duties that you need to be handled, as well as when the authorization would come to an end. There are various types of power of attorney forms that are required, based on the kind of transactions that are being done. Know about some of the common types of power of attorney in North Carolina forms that are used these days.
General Power of Attorney
It can offer sweeping powers to appointed agents, as well as allow them to take part in any type of transaction that the Principal would perform generally. The responsibilities might include:
- Taking part in real estate transactions
- Serving as a personal representative, to deal with legal or tax matters
- Taking over business operations
- Managing finances
When agents sign a General power of attorney, they can obtain sweeping privileges – which can help them to carry out transaction of any type.
Limited / Special Power of Attorney
This is among the POA forms used more commonly, and you can find templates for this power of attorney form free of cost. This can help agents in:
- Sale, purchase or trading of real estate properties
- Preparing business tax or personal returns
- Management of personal finances
The privileges can stay effectual only for the particular tasks that the POA document outlines. Upon fulfilling of tasks, privileges get revoked. Limited POA is used to limit the privileges to particular duties and revoke the same upon the completion of duties.
Durable Power of Attorney
It is quite similar to General POA, and agents can get broad privileges with the same. However, in this case, the privileges can stay effectual until the document is revoked by the Principal, or the Principal expires.
Medical Power of Attorney
It lets agents take medical decisions as per the wishes of the Principal, and have discussions with healthcare providers with respect to the health condition and requirements of the latter.
