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The durable power of attorney allows an agent to continue to act on the principal's behalf even after the principal suffers a stroke, dementia or other incapacitating illness or accident.
A durable power of attorney, or durable POA, gives someone permission to make financial or health care decisions for you if you become temporarily or permanently incapable of managing your own affairs. Unlike a regular power of attorney, a durable POA stays in effect even if you become incapacitated.
Duration of Special Power of Attorney Special Power of Attorney TypeDurationDurableBegins immediately and remains in effect for your lifetime or upon you cancelingLimitedBegins on a given date and terminates on a given date or a specified event2 more rows ?
The "principal" is the maker of the Power of Attorney - the person who is delegating authority to another. This is the person who is allowing someone else to act on his or her behalf. A "Limited Power of Attorney" gives the agent authority to conduct a specific act.
A limited power of attorney lets you specify the areas of your life to which the agent has access. For example, instead of granting your agent authority to handle real estate transactions on your behalf, you can limit it to a specific property.
It is also referred to as Limited Powers of Attorney (LPA) and is used as evidence of the principal's authority to the third person with whom the principal may be dealing with.
A Mississippi limited power of attorney form is a form a person can use to assign decision-making authority in personal and financial matters to a representative for a specific transaction or time period.
Steps for Making a Financial Power of Attorney in Mississippi Create the POA Using a Form, Software or an Attorney. ... Sign the POA in the Presence of a Notary Public. ... Store the Original POA in a Safe Place. ... Give a Copy to Your Agent or Attorney-in-Fact. ... File a Copy With the Chancery Clerk's Office.