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General Power of Attorney & Special PoA- Explained
In general, the goal for creating a POA is to protect your interests and manage your estates when you have reached a point when you can no longer do them on your own. Convenience is one of the advantages of having a power-of-attorney document. Take this scenario as an example: you are selling a property and in a few weeks, you are going to be out of the state for a business purpose. Limited - This document, in contrast to the general type, authorizes the agent to make decisions for the principal on particular affairs for a limited time. That means the authority ends at the period indicated on the document. Just like the previous legal document type, it also ends at the death, mental illness, or disability of the principal. Collecting benefits from health and other insurances on behalf of the principal. Setting up or amending trust funds. Revoking the power of attorney. Laws covering the power of attorney vary in each state. For example, if the attorney-in-fact is the spouse and they get a divorce, the power of attorney is terminated. Specific power of attorney If the attorney-in-fact is only granted authority over specific transactions like collecting debts, buying and selling property, then it is referred to as the specific power of attorney. The attorney-in-fact would only perform duties specified in the document until the principal revokes the document. The law mandates the person to use your money and assets only to uphold your benefit. But he/she could freely make several inappropriate acts with regards to your money. That is why it very important to choose and appoint a person whom you fully trust. You should not appoint just about anyone. Before you choose an agent of an attorney-in-fact for your special power of attorney, it would be best to ask yourself the following questions first. In corporations, the grantee or the proxy (the one given the power of attorney) is often an attorney to keep things legal but in truth, anybody can be given a power of attorney, even those who are not lawyers. In fact, this is why proxies like these are often called attorney in fact to differentiate them from attorney at law.
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