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Power of Attorney Explained
Financial abuse would include misusing the power of attorney, using the adult s money for other purposes, pressuring adults to sell their home or property, cashing out the adult s pension or cheque, or pressuring the adults to buy alcohol or drugs. Abuse of the power of attorney could be intended or a sign of negligence. Use of the Power of Attorney Power of attorney is used within corporations where executives have tightly packed schedules that require them to travel in three different countries in a span of three days. This can either be physically impossible or at best, physically tiring. Thus, the power of attorney serves to lift the burden from the executives, allowing them to become more productive. This type of power of attorney would be valid unless specified by the document, the principal dies or revokes the document, or the document specifies that it would end upon the event when the principal gets incapacitated or disabled. 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. Often, the power of attorney states an alternate attorney-in-fact, in case the original is compromised or dies. But if no alternate is named, then the power of attorney is terminated. For the principal, determining the agent or the attorney-in-fact should be done carefully. Since, abuse of the power of attorney could happen which is why it is important for the principal to have complete trust on the agent. There is also the scope of the power of attorney. Often, it only takes effect within a certain period of time. As mentioned before, it will not be valid when the principal dies or falls ill unless it is stated in the contract that the power of attorney will continue when illness occurs. This is called the durable power of attorney. What are the Different Types of Power of Attorney? You will never know what to expect in the future, so it pays to prepare everything before the going gets tough. That includes planning how to and who will handle your finances, business, and other personal matters should you become unable to do so. This is where the power of attorney comes in.
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