Power of Attorney
A power of attorney instrument comes in many forms. It is a legal document that authorizes another person or organization to handle your affairs or act on your behalf in a certain situation if you are unavailable or unable to do so. There are different types of power of attorney that you may choose to execute. You can even choose to create a power of attorney that will not go into effect unless you are incapacitated. The two types of power of attorney that a landlord will deal with are general or specific power of attorney.
General Power of Attorney
A general power of attorney grants your authorized party a wide variety of powers. She can sell property, handle banking, insurance and tax matters, and enter into contracts on your behalf. A landlord might choose to include this type of power of attorney in his contingency plans for a major medical emergency in which he is incapacitated for a long period of time, in legacy planning, or in situations in which the landlord wants to select the person to make business decisions after he has died.
Specific Power of Attorney
A specific power of attorney only grants the authorized party limited powers that are set forth in the document. A person might choose to allow only matters regarding a specific piece of property she owns or may limit powers to signing leases or collecting a debt. A landlord could use this type of power of attorney if she plans to go on a long trip and might not be easily reached for several days. A landlord might also choose to execute a specific power of attorney if she lives far away from the rental property and finds it difficult to conduct day-to-day business there.
State law govern power of attorney. You must complete a state-specific forms to execute a power of attorney. Your state's specific guidelines are available at the state attorney general's website or at your county court system's website. Finally, if those options are unsuccessful, you can contact a local legal stationer or legal printer, who will have the forms that you will need for a reasonable price.
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