A person (principal) gives authorization to another person (the agent) to handle all decisions and engage in all transactions relating to the money of the principal.
Like the durable power of attorney, a general power of attorney gives agent authority to make financial decisions and engage in financial transactions on behalf of the principal. However, a general power of attorney is void if the principal loses capacity that disturbs his or her mental state, like dementia or Alzheimer’s disease.
For a fixed period, parents may give another person the right to make all medical and educational decisions regarding a child on the parent’s behalf. At the end of guardianship period, power to make medical and educational decisions for the child, returns to the parents.
The principal provides the agent with a specific power to make a particular decision about a financial matter. For example, principal would authorize agent to purchase home on principal’s behalf.
As the name implies, a medical power of attorney allows the principal to appoint a person to make decisions regarding his or her medical care and treatment during period of illness or incapacity.
Other government agencies permit owners give a power of attorney to another person for purposes of interacting with agency to accomplish task required by said agency. Examples include a vehicle power of attorney submitted to the Department of Motor Vehicles and a tax power of attorney to handle tax matters.
To get started on setting up a power of attorney and learn which one you need to accomplish a task you need assistance with, contact the Hayward Bay Area Estate Planning at the Law Office of Melanie A. Tavare for legal assistance. Make sure to schedule your free comprehensive case evaluation without further delay, particularly if you have upcoming surgery or need to be away from home for an extended period.
The Law Offices of Melanie Tavare are a debt relief agency. Our Hayward estate planning lawyer help people file for bankruptcy relief under the Bankruptcy Code.