Yes, there are four types of POA forms.
- General: A general Power of Attorney form allows your representative to manage all of your property-based and financial affairs. This type of POA grants them general authority.
-Specific/Limited: A specific Power of Attorney form limits your representative s responsibilities to certain types of decisions. You can choose to allow someone to only make decisions in relation to business, for example.
- Ordinary: An ordinary Power of Attorney is only valid while you, the principal, are capable of making decisions. This type of POA becomes invalid in the event that you become incapacitated.
- Durable: An enduring Power of Attorney is when the contract continues even if you, the principal, become incapacitated.
A Power of Attorney is a document between two parties, a principal and an agent, through which a principal can appoint someone to make financial decisions on their behalf. The principal is the person who signs the Power of Attorney and allows the agent to take over financial assets. Often, documents such as this are used when a principal is unable to make their own financial decisions, or in some cases, simply needs someone else to make such decisions for them. It is a serious document which should be entered into after much consideration.
A Medical Power of Attorney allows you to name your health agent, someone who will make health decisions for you if you cannot. Your health care agent will also ensure that your health care providers give you the care you wish to receive. You can also require that your health care agent communicate in any manner with you about any specific proposed health care. For example, you may still be able to communicate by blinking your eyes. Many states, however, combine a Living Will and Power of Attorney into one advance directive form.
The document also automatically terminates when:
- The Principal dies.
- The Principal becomes incapacitated (if non-durable).
- The Agent dies or is declared legally incompetent and there is no successor named.
If you do decide to void a Power of Attorney, you should notify any banks, businesses, or other institutions that might be affected.