What is a General Power of Attorney?
General Power of Attorney
A General Power of Attorney (also called a financial power of attorney) is a legal document that gives an individual, called your "Attorney-in-Fact," the authority to act on your behalf in financial matters. The timing, circumstances, and specific powers associated with that authority are all choices that would be set forth in your Power of Attorney document. This authority can be quite broad or extremely limited, depending on your preference.
What is a General "Durable" Power of Attorney?
People often hear the term "Durable" associated with Power of Attorney documents or in legal discussions. This term just indicates the circumstances under which you want your General Power of Attorney to be effective.
"Durable" describes a grant of authority, to your Attorney-in-Fact, that continues to be effective regardless of your mental incapacity.
What is a General "Springing" Power of Attorney?
Much like "Durable," "Springing" is a legal term to describe the circumstances under which your representative's authority is effective.
"Springing" describes authority that only becomes effective upon your mental incapacity.
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