{"id":5077,"date":"2022-01-29T16:28:48","date_gmt":"2022-01-29T16:28:48","guid":{"rendered":"https:\/\/www.propertypistol.com\/blog\/?p=5077"},"modified":"2022-01-29T16:47:13","modified_gmt":"2022-01-29T16:47:13","slug":"everything-you-need-to-know-about-power-of-attorney","status":"publish","type":"post","link":"https:\/\/www.propertypistol.com\/blog\/everything-you-need-to-know-about-power-of-attorney\/","title":{"rendered":"Everything you need to know about power of attorney!"},"content":{"rendered":"\n<p><em>Caring for someone can entail a lot of things. For instance it can mean taking care of their appointments, completing household chores or helping them handle their daily activities. <\/em><\/p>\n\n\n\n<!--more-->\n\n\n\n<p>It can also entail\u00a0 managing their finances as well. Multiple studies show that the ability to perform simple calculations, as well as to handle financial matters, can get more difficult as people age.\u00a0 This is where a Power of Attorney (POA) comes into play. In this article we\u2019ll discuss it\u2019s meaning, It\u2019s types, why it\u2019s needed &amp; how it works.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_69 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.propertypistol.com\/blog\/everything-you-need-to-know-about-power-of-attorney\/#Whats_Power_of_Attorney\" title=\"What\u2019s Power of Attorney?\">What\u2019s Power of Attorney?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.propertypistol.com\/blog\/everything-you-need-to-know-about-power-of-attorney\/#When_is_POA_needed\" title=\"When is POA needed?\">When is POA needed?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.propertypistol.com\/blog\/everything-you-need-to-know-about-power-of-attorney\/#How_does_POA_work\" title=\"How does POA work?\">How does POA work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.propertypistol.com\/blog\/everything-you-need-to-know-about-power-of-attorney\/#Types_of_Power_of_Attorney\" title=\"Types of Power of Attorney\">Types of Power of Attorney<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.propertypistol.com\/blog\/everything-you-need-to-know-about-power-of-attorney\/#I_General_POA\" title=\"I) General POA\">I) General POA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.propertypistol.com\/blog\/everything-you-need-to-know-about-power-of-attorney\/#II_Durable_POA\" title=\"II) Durable POA\">II) Durable POA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.propertypistol.com\/blog\/everything-you-need-to-know-about-power-of-attorney\/#III_Special_or_Limited_POA\" title=\"III) Special or Limited POA\">III) Special or Limited POA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.propertypistol.com\/blog\/everything-you-need-to-know-about-power-of-attorney\/#IV_Springing_Durable_POA\" title=\"IV) Springing Durable POA\">IV) Springing Durable POA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.propertypistol.com\/blog\/everything-you-need-to-know-about-power-of-attorney\/#Lastly\" title=\"Lastly!\">Lastly!<\/a><\/li><\/ul><\/nav><\/div>\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Whats_Power_of_Attorney\"><\/span><strong>What\u2019s Power of Attorney?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>POA is simply a legal document that authorizes another person to handle one\u2019s personal business and make decisions on their behalf. A person can create the POA for use when they are incapacitated or unable to handle their own affairs. The type of POA they choose to create depends on the situation and the type of decisions permitted under these types of legal documents.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_is_POA_needed\"><\/span><strong>When is POA needed?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>A POA comes into play when a person is incapacitated by an illness or some disability. The person authorized may act on behalf of the principal in case the person is not available to make legal transactions. The POA lapses when the creator dies, revokes it, or when it is invalidated by a court of law. A POA also ends when the creator divorces a spouse charged with a POA or when an agent is not able to continue carrying out outlined duties.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_does_POA_work\"><\/span><strong>How does POA work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>A person can download or buy POA templates &amp;&nbsp; should ensure they belong to the state of residence. Person must not assume that the documents acquired are of the correct kind. Verification of the POA is necessary before the legal process can begin. The best way for a principal to start the process is by getting legal help as the legal jargon involved can be an issue.<\/p>\n\n\n\n<p>Further, It is mandatory to get the person\u2019s signature notarized. In some cases, the witness\u2019s signature also needs to be notarized. As there is no standardized POA form, procedures &amp; laws vary based on the principal\u2019s residence. While the durable POA is generally accepted, there are certain powers that cannot be delegated, such as making a will, contracting a marriage, or casting a vote.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_Power_of_Attorney\"><\/span><strong>Types of Power of Attorney<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>These are the four major types of POA<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"I_General_POA\"><\/span><strong>I) General POA<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>In this situation, as the name suggests,\u00a0 the agent is allowed to\u00a0 perform almost any act of the principal. It includes opening financial accounts &amp; managing personal finances. A general POA arrangement gets terminated when the principal revokes the POA or passes away.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"II_Durable_POA\"><\/span><strong>II) Durable POA<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>In this format the agent is designated to act on the principal\u2019s behalf &amp; it\u00a0 includes a durable clause that maintains the POA after the principal becomes incapacitated.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"III_Special_or_Limited_POA\"><\/span><strong>III) Special or Limited POA<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>In this setting, the agent has specific powers limited to a certain domain or area. An instance, a POA which grants the agent authority to attend meetings or&nbsp; sell a home or any other piece of property.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IV_Springing_Durable_POA\"><\/span><strong>IV) Springing Durable POA<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>This POA is available &amp; becomes effective when any specified event occurs such as when the person making it becomes incapacitated.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Lastly\"><\/span><strong>Lastly!<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>A POA is an authority imposed &amp; responsibility given to an agent by the principal allowing the said agent to take decisions on their behalf. The agent can receive either specific or general authority to act on the principal\u2019s behalf on decisions relating to property, finances, health &amp; so on.\u00a0 We hope that this article cleared all your doubts regarding POA &amp; how it works!<\/p>\n\n\n\n<p style=\"font-size:12px\"><em><strong>Disclaimer:&nbsp;<\/strong>The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information<\/em>.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Caring for someone can entail a lot of things. For instance it can mean taking care of their appointments, completing household chores or helping them handle their daily activities.<\/p>\n","protected":false},"author":2,"featured_media":5078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[69],"tags":[267],"class_list":["post-5077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-realty-guide-news","tag-power-of-attorney","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Everything you need to know about power of attorney! - Real Estate Sector Latest News, Updates &amp; Insights - PropertyPistol Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertypistol.com\/blog\/everything-you-need-to-know-about-power-of-attorney\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Everything you need to know about power of attorney! - Real Estate Sector Latest News, Updates &amp; Insights - PropertyPistol Blog\" \/>\n<meta property=\"og:description\" content=\"Caring for someone can entail a lot of things. 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