Our understanding is that your daughter needs to issue a Limited Power of Attorney. The following explanation of different types of Powers of Attorneys will help you to figure out whether you need a Durable or Non-Durable POA.
There are two types of Limited Power of Attorney – Durable and Non-Durable Powers of Attorney.
The powers you grant in Limited Durable Power of Attorney will remain effective even if you become disabled or incompetent.
On the opposite, the powers you grant in Limited Non-Durable Power of Attorney will terminate in case you become disabled or incompetent.
Limited Power of Attorney is valid for the time period you specify in it, or until you revoke this Power of Attorney.
By issuing the Limited Power of Attorney your daughter allows another person to do almost all legal actions which she can do herself. The following are just a few examples of powers she can grant to her agent:
- borrow money at an agreeable interest rate, to add and remove from a bank vault or a deposit box;
- to put and move the money from/to your accounts and to make other bank transactions on your behalf;
- to buy, sell, enlarge, reduce, and terminate a business interest;
- to buy or sell real estate;
- to make transactions with your tangible property, like household items, boats or cars;
- to sign your paychecks;
- to make any legal claims;
- to perform custodial duties for your children, including housing and schooling decisions;
- to make decisions regarding children’s emergency care.
Disclaimer: Legal Helpmate Corp. is not a law firm and does not give legal advice. If difficult legal issues are involved, you should consult an attorney.