What Is Durable General Power Of Attorney
This role is highly respected and also critical to the person who grants such control.
What is durable general power of attorney. The poa can take effect immediately or can become effective only if you are incapacitated. The person who grants a power of attorney is called a principal. If ever required a durable power of attorney can be revoked or changed as long as the principal is still mentally competent to act. A durable power of attorney differs from a traditional power of attorney in that it continues the agency relationship beyond the incapacity of the principal.
It s designed to provide an agent with broad powers that don t. A general durable power of attorney both authorizes someone to act in a wide range of legal and business matters and remains in effect even if you are incapacitated. The two types of durable power of attorney are immediate and springing the first type takes effect as soon as the durable power of attorney is executed. A power of attorney poa is a person who has legal authority to act on behalf of someone else.
There are two general types of a poa. There are several types of power of attorney. A general durable power of attorney is a key part of estate planning. Power of attorney terminology.
Among the most common are special general and medical power of attorney. A general power of attorney grants wide legal authority to act on a person s behalf including filing tax returns paying bills borrowing money and so on.