Power Of Attorney - What Kind To You Need?

A power of attorney is a document that allows you to authorize a person or organization to handle your affairs while you are unable to do so

. There are five different types of power of attorneys such as: general, specialy, health carey, durable, and revocation power of attorney. General y allows your agent to act on your behalf in many different situations. These situations may include settling claims, purchasing life insurance, filing tax returns, buying and selling property, stock rights, disclaiming interests, making gifts, employing professional assistance and/or entering safety deposit boxes. Special attorney allows your agent to act on your behalf in specific situations. These specific situations might include selling real estate, mortgage real estate, borrowing money, collecting debt, handling transactions using U.S. Securities, making financial decisions, or handling government issues.

Health care attorney allows you to appoint someone to make health care decisions for you if you are unable to do so. Durable attorney can be added to all power of attorneys because it allows the document to remain intact or take effect when you become ill. Many people sign durable power of attorney document when there is a possibility they may become ill or when there is a likelihood that they may suffer from an accident. Businesses and organizations do not allow the agent to have any decision making powers unless they have a written doctors confirmation of your incompetency. Revocation power of attorney allows you to revoke a attorney document. It is your decision whether you have an agent or someone you trust make decisions for you. Attorney documents are only valid after you have signed them and the signature has been notarized.

by: Christina Best

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