Bauer Family Law - Powers of Attorney
Powers of Attorney
What is a Power of Attorney?
A Power of Attorney is a legal instrument that is used to delegate legal authority to another. The person who signs
(executes) a Power of Attorney is called the Principal. The power of Attorney gives legal authority to another person
(called an Agent or Attorney-in-Fact) to make property, financial and other legal decisions for the Principal. A Principal
can give an Agent broad legal authority, or very limited authority. The Power of Attorney is frequently used to help in
the event of a Principal's illness or disability, or in legal transactions where the principal cannot be present to sign
necessary legal documents.
Different Types of Powers of Attorney
- Durable Power of Attorney - Durable Power of Attorney enables the Agent to act for the Principal even after the
Principal is not mentally competent or physically able to make decisions. The "Durable" Power of Attorney may be
used immediately, and is effective until it is revoked by the Principal, or until the Principal's death.
- Nondurable Power of Attorney - Nondurable Power of Attorney is often used for a specific transaction, like the
closing on the sale of residence, or the handling of the Principal's financial affairs while the Principal is traveling
outside of the country.
- Springing Power of Attorney - A "Springing" Power of Attorney becomes effective at a future time. That is, it
"springs up" upon the happenings of a specific event chosen by the Power of Attorney. Often that event is the illness
or disability of the Principal. The "Springing" Power of Attorney will frequently provide that the Principal's physician
will determine whether the Principal is competent to handle his or her financial affairs. A "Springing" Power of
Attorney remains in effect until the Principal's death, or until revoked by a court.
What types of things are Powers of Attorney Used For?
People use Powers of Attorney for various different reasons, but the following are the most popular:
- Buying or selling real estate on your behalf;
- Managing property on your behalf;
- Conducting bank transactions;
- Investment of money;
- Making legal claims;
- Attend to tax and retirement matters; and
- Making gifts on your behalf.
Orlando Divorce Attorneys
Bauer Family Law
5401 South Kirkman Road
Orlando, FL 32819
Phone: (407) 926-0255
Facsimile: (407) 926-0254