A durable POA lasts even after a person becomes incapacitated, so is more commonly used by seniors. A springing durable POA is a type of durable POA that only comes into effect when certain criteria are met, usually when the principal becomes incapacitated.
1. General power of attorney. A general power of attorney is comprehensive — it gives a senior’s agent power to act on their behalf financially and legally. General power of attorney can be used for healthy parents who want help with financial or personal matters.
AgeLab outlines very well the four types of power of attorney, each with its unique purpose:
Five legal documents that help you protect your health, welfare, financial and legal interests.
A general power of attorney ends the moment you become incapacitated. A durable power of attorney stays effective until the principle dies or until they act to revoke the power they’ve granted to their agent.
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.
The LPA forms need to be signed by someone, apart from your chosen attorney, to state that you have the mental capacity to make an LPA. The forms also need to be witnessed. You then need to register each LPA with the Office of the Public Guardian. Either you or your attorney can do this.
Types of Powers of Attorney
A general power of attorney allows the agent to make a wide range of decisions. This is your best option if you want to maximize the person’s freedom to handle your assets and manage your care. A limited power of attorney restricts the agent’s power to particular assets.
Do I need a lawyer to prepare a Power of Attorney? There is no legal requirement that a Power of Attorney be prepared or reviewed by a lawyer. However, if you are going to give important powers to an agent, it is wise to get individual legal advice before signing a complicated form.
This online program includes the tools to build your four “must-have” documents:
A Durable Power of Attorney acts as a permission slip, giving authority to a third party to do things on behalf of someone else who cannot do it for themselves. If done properly, the Durable Power of Attorney may very well prevent you from having to be declared incompetent in court if you something bad happens to you.
9 End of Life Documents Everyone Needs
You can get a power of attorney form from the following places:
When you make a medical power of attorney — more commonly called a “durable power of attorney for health care” — you name a trusted person to oversee your medical care and make health care decisions for you if you are unable to do so.
In NSW, a power of attorney only authorises an attorney to act in connection with financial matters such as bank accounts, shares or property. It cannot be used to make medical or lifestyle decisions.