A Power of Attorney is a legal document which gives someone the authority to make financial decisions for another person. You can easily get a free power of attorney form template online at any of the websites that have legal forms and templates available at no cost, to be downloaded and customized for individual needs.
3 Types of Powers of Attorney
There are 3 types of powers of attorney:
Know about Special, General and Limited Powers of Attorney
Special Power of Attorney
A Special Power of Attorney (SPOA) is an agreement in which a person or entity legally assigns to another person or entity the responsibility of doing certain things. This is a legal document, which a person can execute on their behalf. It allows the person or entity they have appointed to take certain actions on their behalf. The SPOA is used when there is a need to delegate specific authority, but not specifically the authority over specific assets; such as in a family trust.This type of a power of attorney form in Oregon is also referred to as an“Unlimited Power of Attorney”.A Special Power of Attorney provides an authorized person with a higherauthority.
General Power of Attorney
These type of POA give the agent full authority over your finances. They have the ability to sell your assets, make large purchases, pay bills, and do anything else they want with your money. You retain ownership of your assets while the agent has control over them.
LimitedPower of Attorney
A limited power of attorney is a legal document that gives the executor of your estate the authority to make decisions for you, while you are still alive. A limited power of attorney is one that allows an executor to make decisions for you for the time period of the power of attorney document (usually a few days or a week). It is a document in which you give someone else the right to manage your money, property, and other assets that you want to be managed by someone else. A limited power of attorney has many benefits, such as giving an additional layer of security for people who are unable to manage their own finances, assets, and money. They can also help if you are unable to provide for yourself or your family.
This is a legal document that allows someone else to act on your behalf. This can include signing contracts, paying bills, selling property, etc. If you are incapacitated, then a POA may allow someone to make decisions on your behalf. A power of attorney does not have to be written down; it can simply be verbal. In this case, the person who has been given the authority to act on your behalf is called the “attorney-in-fact”. You may search an attorney near your location on YELP to create a power of attorney for yourself or get a free template online.
Keep in mind that a Power of Attorney form is different from a Will. A will is a legal document that describes how your assets should be distributed after your death. You can write out your own will or use a lawyer to draft a will for you. Your will states what happens if you become incapacitated or die.