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The three most common types of powers of attorney that delegate authority to an agent to handle your financial affairs are the following: General power of attorney. Limited power of attorney. Durable power of attorney.

A power of attorney allows one person to give legal authority to another person to act on their behalf. A financial power of attorney authorizes an individual to make financial decisions, while a medical power of attorney allows for someone to make medical decisions.

AgeLab outlines very well the four types of power of attorney, each with its unique purpose:General Power of Attorney.Durable Power of Attorney.Special or Limited Power of Attorney.Springing Durable Power of Attorney.Jun 2, 2017

This should be a person or persons you trust to make decisions for you. Fill out the forms and have your signature witnessed, as your state requires. Give copies to your family, your doctor and your healthcare agent.

One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agent's activities by anyone other than you, the principal. This can lend a hand to situations such as elder financial abuse and/or fraud.

Unless the power of attorney is to be used immediately, the original should always be retained by the principal in a safe place. The agent should be advised that he or she has been named as agent and should also be advised as to the location of the original and the number of originals that have been signed.

A medical power of attorney, also called a durable power of attorney for health care, is one type of the legal forms called advance directives. It lets you name the person you want to make treatment decisions for you if you can't speak or decide for yourself. The person you choose is called your health care agent.

Generally speaking, there are three main types of POA: Ordinary power of attorney. Lasting power of attorney. Enduring power of attorney.

Generally speaking, there are three main types of POA: Ordinary power of attorney. Lasting power of attorney. Enduring power of attorney.

Your attorney-in-fact will need the original power of attorney document, signed and notarized, to act on your behalf.If you named more than one attorney-in-fact, give the original document to one of them. Between them, they will have to work out the best way to prove their authority.