Online Power of Attorney: POA Form
Hundreds of sites offer online power of attorney advice and forms. It's easy to learn more about the different power of attorney types. Moreover, you can find free online power of attorney forms that you paste to a word processor, fill in the information and then print out. You avoid legal fees and have a binding contract for your power of attorney needs.
Types of Power of Attorney
There are six power of attorney options:
· Nondurable (Limited) Power of Attorney: Specified to certain terms and a strict time limit. It is best for long business trips, vacations and hospitalizations.
· General Power of Attorney: Authorizes another to handle all financial decisions for you up until your death or incapacitation. This type provides a lot of decision making power to the agent, so be very careful using it.
· Durable Power of Attorney: Authorizes your power of attorney agent to handle your legal and business transactions, even after you become incapacitated. This power of attorney type only ends when you die.
· Financial Power of Attorney: Authorizes an agent to handle all of your financial dealings following your terms and conditions.
· Medical Power of Attorney: Authorizes an agent to make sure the hospital and physicians follow your medical preferences, usually backed up by a living will.
· Springing Power of Attorney: Takes effect when a particular event occurs. Usually a springing power of attorney goes into effect following a tragic event like an accident resulting in coma, an urgent health problem or mental incapacity.
Things to Consider
When choosing your power of attorney agent, choose very wisely. Make sure the person is financially responsible and able to handle the pressure of making important decisions in your place.
Sadly, abusing a power of attorney is common. One elderly woman discovered this when she named her daughter as her general power of attorney. Unsure she was able to handle her taxes, bill paying and financial accounts by herself when she entered her eighties, the elderly woman completed online power of attorney forms and assigned agent duties to her daughter, a seemingly wealthy business woman. Within months, the daughter took out a reverse mortgage on her mother's home. For the next year, the daughter withdrew the funds and spent the money on herself. The elderly woman was left virtually bankrupt, estranged from her daughter and law enforcement explained they could not do anything.
If you use a power of attorney, make very certain you've filled out online power of attorney forms carefully and listed many terms and conditions to prevent theft of your hard earned money.
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