The power of attorney is a conventional way of estate planning. The concept of power of attorney may be described as a legal arrangement that is made when a holder of an estate or a similar property is not present owing to circumstances. There are several types of powers of attorney.
About Power of Attorney
The power of attorney is one of the many traditional ways of estate planning. The power of attorney is an arrangement, which is employed when the holder of an estate or other similar assets is not present. As per the agreement, the person, who has the power of attorney, has the duty of looking after the estate. A standard power of attorney is normally completed by filling up certain application forms for the condition of the house.
Scope of Power of Attorney
The person with the power of attorney has the right to perform any and all business transactions on behalf of the person, who has provided him with the power of attorney. However, there is a limit to the amount of time till when the man having the power of attorney can enjoy the same. Under normal circumstances, the person has the power only as long as the person, who provided him with the power is alive.
Types of Power of Attorney
Other than the normal power of attorney there are two other types of powers of attorney – the durable power of attorney and the medical power of attorney. The durable power of attorney is the one whereby the person having the power can act on behalf of the grantor even if that entity is living.
The medical power of attorney is also known as the durable power of attorney for health care. This individual or entity is entitled to take decisions that pertain to the overall physical condition of the grantor.
Last Updated on : 30th July 2013