You’re about to sign a power of attorney document. There are two types, but you’re not sure which one is right for you. The difference between power of attorney and durable power of attorney can be confusing, especially when it comes time to make a decision. This article will help you decide which is best for your situation.

Power of Attorney: Is an agreement in which one person (the principal) gives another person the legal authority to act on their behalf and make decisions on their behalf regarding property transfers, taxes, and more.

Durable Power of Attorney: Is an agreement in which one person (the principal) gives another person the legal authority to act on their behalf and make decisions on their behalf regarding property transfers, taxes, and more. Unlike the Power of Attorney, Durable Power of Attorney does not expire when the principal becomes incapacitated or dies.

The difference between power of attorney and durable power of attorney

A power of attorney is a document in which one person (the principal) gives another person (the agent, also known as an attorney-in-fact or attorney) the legal authority to act on their behalf and make decisions on their behalf. Durable Power of Attorney, on the other hand, does not terminate when the principal becomes incapacitated or dies.

What is the power of attorney?

This is an agreement in which one person (the principal) gives another person the legal authority to act on their behalf and make decisions on their behalf regarding property transfers, taxes, and more. Unlike the Power of Attorney, Durable Power of Attorney does not expire when the principal becomes incapacitated or dies.

The Power of Attorney can be appointed to a lawyer, a close family member, or anyone who is legally capable of handling such matters. It allows that person to take control of the other’s affairs and make decisions on their behalf. A power of attorney is used if the principal will be away for an extended period of time or if they are unable to handle their own affairs due to illness or disability.

What is the durable power of attorney?

A power of attorney is a legal document where one person (the principal) gives another person (the agent) the authority to act on their behalf and make decisions on their behalf. A durable power of attorney is a power of attorney that does not expire when the principal becomes incapacitated or dies.

The Durable Power of Attorney also has some other specific features you should be aware of, as it may restrict certain rights granted to the agent or provide for only certain types of transactions. For example, a Durable Power will expire after 5 years so make sure you are aware of this before signing it.

Durable power of attorneys are particularly useful for people who have disabilities and cannot take care of themselves. When the principal becomes incapacitated or dies, the Durable Power does not expire. This means that the agent can continue to make decisions for them in regards to property transfers, taxes, etc., even if they cannot sign any more documents themselves.

Which one should you use?

The type of power of attorney you need depends on your situation. If you’re signing one because someone has become incapacitated, then Durable Power of Attorney is the best option. However, if you are signing one because you’ll be going on a long vacation and want someone to handle your financial transactions while you’re away, then Power of Attorney is the best option.

How to sign a power of attorney document

When you sign a power of attorney document, you’re giving the person who you’ve granted power of attorney the permission to make decisions on your behalf. The person will have full access to your financial and personal information if they have power of attorney. Typically, this is done when someone is going out of town or on vacation and would like another person to have control over their assets while they are gone.

If you are signing a Power of Attorney agreement, there are some things to keep in mind before doing so. First, it should be made clear which state law will govern the terms of the power of attorney document. Secondly, you should limit what powers are granted to the person in question; for example, granting all powers suggests that you don’t trust them with any specific tasks and will give them access to all aspects of your life, from paying bills to taking care of your children. Make sure that only specific tasks are listed in order for them to be able to complete these tasks without having too much autonomy over your life. You should also consider limiting how long the document has going into effect (i.e., if it’s valid for one year or if it’s valid indefinitely).

Conclusion

Power of attorney is a legal document that authorizes another person to make decisions for you in the event that you are incapable of doing so. These decisions can range from personal to financial.

If you are not considering the possibility of becoming incapacitated, then you may want to wait to file the document. Once you become incapacitated and your power of attorney is not in place, your family members will have to go through a time-consuming process to get it approved by the court.

It is important to understand that a power of attorney only allows someone else to make decisions for you and this person will not have your power to make medical and financial decisions.

You may be wondering what the difference is between a power of attorney and a durable power of attorney. Essentially, a durable power of attorney is an extension of your original power of attorney that allows someone else to make decisions for you if you become incapacitated.

If you are considering becoming incapacitated in the future, then it is best to go ahead and file for a durable power of attorney. This lets your loved ones know who has your best interests at heart when the time comes.