A power of attorney allows someone else to act on behalf of another according to the specific authority granted. The powers granted can be divided into two areas:
- Special Power of Attorney, and
- General Power of Attorney.
For instance a special power of attorney is specific such as giving a friend the authority to sell your car. The general power of attorney can give broad powers such as giving a spouse the right to transact any type of business the person could do them self.
A power of attorney expires when the person granting the power dies. Unless the power of attorney is a durable power of attorney, the power also expires if the person becomes disabled. A durable power of attorney can “survive” the disability and allow another to transact business on behalf of the disabled person. With a “springing provision” a durable power of attorney can become effective only if the person granting the power becomes disabled.
This article was written 1/20/2015 by Todd Willhoite, an estate planning attorney in Claremore, specifically for the Oklahoma jurisdiction. A different result may occur in a different jurisdiction and the law does change, so it is important to seek competent legal and tax advice from professionals before acting on anything written in this article. Abby Law Offices Inc is a law office that handles estate planning law in Claremore, Oklahoma.