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 can help make your life much easier, by allowing someone you trust to take certain actions on your behalf. Without this document, you might not be able to travel out of town, make certain investments, or handle business or personal affairs.
Instead, a POA allows you to take back control and proactively choose who YOU want to represent your best interests. By taking the time to create this important document, you can prevent both individual and familial suffering.
If you decide you no longer want a Power of Attorney, you can take the following active measures to terminate it, provided you are still legally competent:
- Prepare a Revocation of Power of Attorney.
- Destroy the document.
- Follow any termination procedures detailed in the document.