The Power of Attorney (POA) is a legal letter allowing one person to act on behalf of another person. The person who grants the Power of Attorney (POA) is called ‘Principal’, and the one who receives it is called the ‘Agent’.
There are three types of power of attorney (POA) forms:
- Limited Power of Attorney
- Durable Power of Attorney
- General Power of Attorney
What is the difference between a general power of attorney and a durable power of attorney?
The main characteristic of the general power is that, at the moment of the death or incapacity of the principal, the power to cease to have an effect. On the other hand, in a durable power of attorney, the agent will be able to exercise it even if the principal has died or is incapacitated.
What does a durable power of attorney allow you to do?
The principal who grants a durable power to a third party has the power to do so limited to a series of specific acts or the power to do so as broadly as possible. It is often used to enable a third party to make financial decisions on behalf of the principal, to respond to medical matters or to sign legal documents.
Do you need a lawyer for a durable power of attorney?
It is not necessary to hire a lawyer in order to make a durable power of attorney. However, it is recommended that they do so. That way, you’ll make sure it’s in perfect condition.
Can a durable power of attorney be used after death?
A durable power of attorney cannot be used after the death of the principal. In these cases, it is the executor of the succession process, which is responsible for responding to certain legal or financial acts, always taking into account the provisions of the will. The durable power has as function, to protect the patrimony of the principal, in life.
Why would someone want a durable power of attorney?
A person may request a durable power of attorney to ensure that, in the event of a principal’s mental incapacity, the agent can take care of all of the principal’s legal matters. In the case of an ordinary one, at the time of being declared incapacitated, the power of attorney would cease to have validity.
Can a durable power of attorney make healthcare decisions?
Durable powers of attorney, whose main purpose is to make medical decisions, may designate one or more persons to make use of this power.
What are the 3 types of power of attorney (POA)?
- General: It gives the agent all the powers available to the principal.
- Limited: Gives a third party the power to act in a given situation.
- Durable: Allows the holder to act even when the principal is in a state of permanent disability.
How much does a durable power of attorney cost?
If you are looking for a durable power of attorney written by a professional attorney, it could cost between $150 and $500.
Does durable power of attorney need to be notarized?
A durable power of attorney is essential if you want to continue exercising the power after the principal has suffered permanent incapacity. It must comply with state laws.
How long is a durable power of attorney valid for?
A durable power of attorney may have an expiration date. If you consider that at any time it should expire, an expiration date must be set. Otherwise, no date may be set and it will last until the principal dies.
Who can witness a durable power of attorney?
In durable powers of attorney, there must be witnesses who are fully capable at the time of making the power of attorney. The agent who will be the beneficiary of the power of attorney cannot be a witness at the same time.