Non-Durable Power of Attorney
A Non-Durable Power of Attorney form is a legal document that grants an appointed agent the authority to act on behalf of an adult in specific, temporary transactions when the adult is unable to participate for any reason. This type of agreement is attached to a limited transaction period, making it different from the Durable and Springing Power of Attorney forms which are broader and can last indefinitely.
The Non-Durable Power of Attorney form typically consists of several sections, including the identification of the adult granting the authority (known as the principal), the agent or attorney-in-fact who will be acting on behalf of the principal, and the specific transaction or transactions for which the agent will be authorized to act. The document may also require witnesses and/or notarization to be legally valid.
The Non-Durable Power of Attorney form may be drawn up in cases where the principal is unable to participate in a specific transaction, such as cashing in stocks, conducting banking services, buying or selling real estate, and seeking medical attention for a minor child. The parties involved are the principal, who is the individual granting the authority to the agent, and the agent or attorney-in-fact, who is the individual appointed to act on behalf of the principal for the specific transaction.
When compiling a Non-Durable Power of Attorney, it's important to take into account the specific terms of the transaction or transactions for which the power of attorney is being granted. The agreement should clearly outline the scope of the agent's authority, as well as any conditions, limitations, or termination dates. The principal should also carefully select an agent who is trustworthy and competent to act on their behalf for the specific transaction at hand.
The advantages of a Non-Durable Power of Attorney include providing an avenue for the principal to grant authority for specific transactions when they are unable to do so themselves, either due to incapacity, travel or other commitments. For the agent, it provides a formal written authorization to engage in transactions on behalf of the principal.
However, problems can arise if the Non-Durable Power of Attorney form is not filled out correctly or improperly executed. For example, if the transaction or transactions are not clearly specified, it may lead to confusion or legal disputes. If the agent acts outside the scope of their authority, it can result in legal complications, and there may be issues with the validity of the agreement. Therefore, it's important to consult with a legal professional to ensure that the Non-Durable Power of Attorney form is properly drafted and executed.