Hi folks. Thanks for stopping by. My name is Greg Robinson. Today I’d like to talk with you about a power of attorney. A power of attorney is a document where the principle grants authority to an individual, typically called an agent or an attorney at fact, to act on the principle’s behalf.
There are many different types of powers of attorney. If the scope is very broad with general powers, typically we call those documents general powers of attorney. If the document is limited in scope, we typically call those powers of attorney limited powers of attorney. And, if the authority is only granted to the agent upon the occurrence of a future event, we typically call those types of documents, springing powers of attorney because they spring into existence typically upon the occurrence of a future event, which is usually the incapacity or disability of the principle.
You’ve probably heard of the term a durable power of attorney. In order for it to be a durable power of attorney, it must comply with the state’s statues which you are a resident of at the time that you execute the document. But the purpose of a durable power of attorney is that it endures, or continues on, at the disability of the principle. So if the principle became disabled, the agent still has the authority to act on the principle’s behalf. If you fail to comply with the state’s statues in order to create a durable power of attorney, then usually you’ve created a non-durable power of attorney, which means upon the incapacity of the principle, the agent no longer has the authority to act on that principle’s behalf.
Whether the power of attorney is a durable power of attorney, whether it’s a general or limited power of attorney, all powers of attorney cease and are terminated upon the death of the principle. If you have any other questions, feel free to visit our website at gregoryerobinson.com. Thanks for stopping by.