![]() To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. Typically, this is when principals cannot make those decisions themselves. This document grants the agent the power to make medical decisions on behalf of the principal. The medical power of attorney is perhaps the best-known scope-based power of attorney. Or, they can be as broad as granting the agent the power to act in all financial matters for the principal. They can be as narrow as a POA to sell a specific piece of property or asset. These powers of attorney are confined to a specific task or situation. It’s also sometimes called a “standby” power of attorney. Here, the POA only becomes effective if the principal becomes disabled or incapacitated. If the principal becomes incapacitated, the POA is no longer effective. A general (or “non-durable”) power of attorney can only be created when the principal is competent. Durability is presumed in Illinois, which means a POA will automatically remain effective if the principal becomes incapacitated or disabled. Here, the principal intends for the authority granted to the agent to continue even after they become incapacitated. That’s why many POAs are designed based on the capacity of the principal. ![]() ![]() Protecting assets if someone becomes incapacitated is one of the main reasons for creating powers of attorney. those based on what they do and don’t cover.But, generally speaking, there are two different categories of powers of attorney: Principals can choose from several types of powers of attorney. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |