There are many reasons behind handing over the power of attorney to someone else. There can be a lot of reasons including injury, health problems or much more.
When the people think that they are not well enough to take the decisions of their business on their own, they hand over the power of attorney to someone else. This person can be anyone including the loved ones of the person. It is totally up to him what he wants to do while drafting the power of attorney
There are different types of power of attorneys which include;
- Durable & Non-Durable Power of Attorney
- Medical Power of Attorney
- Springing Power of Attorney
- Limited Power of Attorney
Durable & Non-Durable Power of Attorney
These are the most common types of the attorney. In case of the durable power of attorney, a person gets the whole of the control over the decision of the other persons as they are not well enough to be taking them themselves.in this case, the person who gives another the power of attorney is totally not able to take the decision himself. This is the reason why the other person gets the full control of taking the decision himself
In case of the non-durable power of attorney, there is a properly set time period of the hold. This can either be for only one transaction or decision or more but the time limit is limited. In this case, the person having the power of attorney doesn’t have the full control over the decision making of the company or the business.
Medical Power of Attorney
In this case, the person having the power of attorney gets the power to make the decision regarding the medical treatment. This is very crucial as well as the important power of attorney because it Is linked with the lives of the people. this is the reason why people should be very careful while giving the medical power of attorney to anyone.
Springing Power of Attorney
It can be used as an alternative for the durable power of attorney. When people are healthy, they are mostly reluctant to give the power of attorney to anyone. that is why they grant the springing power of attorney because it gives the power to another person only if a particular condition or an event occurs.
Limited Power of Attorney
It is considered to be a very special type of power of attorney. This is because it is responsible for giving the person complete hold and decision-making power regarding the financial matters and other matters that are related to it.
People should be very careful while drafting their power of attorney as it is not a small decision at all. people need to know its importance and if they do not, they can face problems in the future. That is why they should make sure that the person they are giving the power of attorney to is worth it and deserves it. if not, he shouldn’t be given the power at all. HHS Lawyers and Legal Consultants Help you to drafting a power of attorney.
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