State Tax Filing Power of Attorney- As the designation implies, this form allows a third party to file your taxes but not handle your medical care bills, personal finances, and other pieces of property.
It goes ahead to terminate and nix the rights of the agents involved in the process.
Revocation of Power of Attorney– Cancels a previous appointment which you had made or committed to. Real Estate Power of Attorney– Enables you to authorize another person to buy or sell real estate property on your behalf or carry out any other businesses that revolve around the field of real estate. Minor Child Power of Attorney– Grants the parents the leeway to delegate to another grown-up the authority to make sound decisions on behalf of his child without necessarily relinquishing the custodial or parental rights. Medical (Health Care) Power of Attorney– Allows individuals to empower others with decisions that touch on healthcare and treatment strategies. The form specifies the exact areas that the portfolio manager has a right to come in. 
Limited Power of Attorney– Gives a portfolio manager to carry out specific tasks on your behalf and in your account. This individual has to be eligible to practice before the tax collection agency. IRS Power of Attorney (Form 2848)– Authorizes individuals to represent you before Internal Revenue Service. It, however, comes in when the principal is still of sound mind but ceases to apply in the event of incapacitation or death. General (Financial) Power of Attorney– Used for much the same reasons above. The form is mainly used when the principal is incapacitated and is hence unable to transact any businesses on his own. Durable (Financial) Power of Attorney– Handles financial aspects of the powers thereof. The following mentioned are a few types of a power of attorney: Power of attorney could be used to enable someone else to make legal decisions on your behalf temporarily or to ensure that decisions about your assets and health care are taken in your best interests if you become “incapable.” If you become incapacitated without appointing power of attorney, a loved one or family member may need to apply to a court for guardianship to assist you with your affairs.Ī power of attorney is also known by other similar names. The individual who is given authority is known as the “Attorney-in-fact” or “Agent.” The “Principal” on a power of attorney form is the individual granting authority to another. 
It basically contains the fields which spell out the exact powers to transfer to a third party. The form is issued by the state, is duly filled out, and thereafter notarized. This is the form that is filled out to grant the stated powers from one party to another. The person granting the power is called the principal whereas the one receiving the same is the attorney-in-fact.Ī power of attorney form enables you to nominate someone to work on your behalf if you ever need someone to make short- or long-term decisions on your behalf. The ‘ power of attorney’ is a legal instrument that grants a third party the power to transact businesses on behalf of yourself.
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