Power of Attorney
Power of Attorney is a written document in which one person (principal) appoints another person to act as an agent or representative in one's behalf. Power of attorney are routinely granted to allow the agent to take care of a variety of transactions for the principal, such as handling a tax audit, maintaining a safe deposit box or numerous financial duties.
A power of attorney generally is terminated when the principal dies or becomes legally incompetent; however, the principal can revoke the power of attorney at any time. A power of attorney can be written to be either full or limited to special circumstances.
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. The two types of durable power of attorney are immediate and "springing". The first type occurs as soon as the durable power of attorney is attorney. The latter is intended to "spring" into effect when a specific event occurs, for example when there is a disability of the principal.
A power of attorney generally is terminated when the principal dies or becomes legally incompetent; however, the principal can revoke the power of attorney at any time. A power of attorney can be written to be either full or limited to special circumstances.
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. The two types of durable power of attorney are immediate and "springing". The first type occurs as soon as the durable power of attorney is attorney. The latter is intended to "spring" into effect when a specific event occurs, for example when there is a disability of the principal.
