A Look into Power Of Attorney Form

A power of attorney form is the form which helps you (principal) to grant somebody the legal power for making decisions on specific matters on your part. It’s up to you to decide how limited or extensive will be the powers to grant to the other person (attorney-in-fact). Different kinds of forms are there which can be used to transfer the power. These are discussed as follows: -

1. Forms For Limited Or Special Power Of Attorney

These forms are utilized when you want to give limited duties and powers to the attorney-in-fact. It’s better to use these forms instead of using the forms to give general power. The powers given with limited forms include: -

• Participating in real estate transactions and managing finances when you are going abroad.
• When you are sick, you want your daughter or son to handle your bank transactions.

2. General Power Of Attorney Forms

These forms grant extensive powers, and are basically used for estate planning. The form expires upon the principal’s death, and it can have some limitations. These limitations include –

• not giving power to sell your property
• making decisions after consulting specified people

3. IRS Power Of Attorney Form

It is used when you want other person to take care of your issues pertaining to taxes.

4. Durable Power Of Attorney Forms

With the help of this form, you will specify which tasks the other person will have to do on your part. The tasks can be any which you feel important. However, the tasks should be only those which you can’t do by yourself anymore.

A power of attorney form is an important form, which can either maker your task easier or give you serious headache. So, choose the agent properly by looking at the following things:

• Age of the agent
• Capability of the agent when dealing with finance
• Experience
• Distance of the agent from you

If you are married, the best thing is to choose your spouse as your agent.