Types of Powers of Attorney
There are, at a basic level, two types of powers of attorney. A "general" power of attorney is unlimited in scope and duration, and permits the named individual to act as your legal representative in relation to financial matters until such time as it is revoked.
A "specific" power of attorney imposes limits upon the named representative, and may restrict the scope of that person's powers to a single type of conduct or a single transaction. For example, the person could be granted the power to engage in financial transactions from a specific checking account, or to sign the closing documents for a specific real estate transaction.
Either type of power of attorney may be limited in its duration. That is, the document can specify a date after which the power of attorney will no longer be valid.
Ordinarily, power of attorney forms do not have to be registered with the state. However, if a power of attorney grants somebody the right to engage in transactions relating to real estate, it may be necessary to record the form.
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For more information regarding power of attorney and how we can help call Meredith D. Rucker, LLC at 251.626.7224 or email her today at info@ruckerlawfirm.com.
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