Power of attorney is an integral part of a will. It is a legal instrument that gives certain rights to property ownership and handling to an individual, authorized by the real owner. Other person would act as a legal representative on his/her behalf until the principal party revokes it by himself. In the document, there is a set of powers given to the representative, which can be limited or full depending on the willingness of the other person or agent. Giving ownership to someone else doesn’t take away the rights from the original owner. Principal is always eligible to give his/her views in any issue. According to the document of power of attorney, the other person also has the right to execute things mentioned in the document.
1. Durable: It is the right which is immediately effective after the principal transfers the power to another person. This makes the agent eligible for the tasks as mentioned in the power of attorney. The person appointed as agent should be your trustworthy source. The day power is handed over to the other party; agent can start acting without taking any permission from the principal.
2. Non-Durable: It is a time bound authority given to an agent for a specified period of time. In this case, the agent is not eligible to act as authority until the principal becomes incapacitated. The agent has a target to finish the task within a particular period of time. Once the task is complete, the principal will get back the power. It is for short-term transactions in which the principal is not able to handle the transactions.
3. Springing: In case there is a sudden effect on the health of the principal like accident, mental illness or trauma, the rights are given to an attorney. This is mainly useful in situations where the principal could not give the permission either in writing or verbally. A doctor gives an attested document that covey the message that the principal cannot act for themselves and hence power of attorney needs to be…