3 Types of Power of Attorney Forms to Know About
A Power of Attorney or POA is a type of document that lets you appoint an organization or an individual to manage all the affairs in case you are physically or mentally incapable of doing so. But not all Power of Attorney forms are equal. Each specific type provides the agent appointed for the task with a varied control level. Know about 3 popular types of POA forms.
General Power of Attorney
This kind of POA form provides organizations or people with broad powers to act for them. Such types of powers include dealing with business and financial transactions, purchase of life insurance, claims settlement, hiring professional help, gift-giving, running business interests and more. An effectual tool, General power of attorney can be useful if you intend to move out of the nation and want someone to deal with some of your matters. It can also be useful if you are mentally / physically unable to manage your affairs. You may download Virginia power of attorney here.
Durable Power of Attorney
A durable POA might be signed to prepare for the scenario that you might get injured or ill and become mentally incompetent. You have to mention in this legal power of attorney template that it cannot come into effect until you are certified by a doctor to be mentally incapable. You might want to name a particular physician who you want to evaluate your mental faculties, or put a condition that at least two licensed doctors should agree on your mental condition.
Special Power of Attorney
You can use this kind of document to exactly specify the type of powers that might be exercised by an agent. It is used often when you are unable to deal with some matters due to health reasons or some other commitments. Real and personal property sale, real estate management, debt collection and dealing with business transactions happen to be some common matters mentioned in this kind of document. Visit forms.legal website for downloading all legal forms for free.