Power of Attorney

Question 1

What are the types of Powers of Attorney

Answer 1

General and specific (think agency theories)

Question 2

Define general power

Answer 2

the agent can handle all affairs when the principal is unable to do so

Question 3

Define special power

Answer 3

the agent’s powers are limited to a specific function and or duration

Question 4

What is the Scope of Authority under a power of attorney?

Answer 4

Durable power of attorney
fiduciary duties
liability
revocation

Question 5

Define durable power of attorney

Answer 5

agency continues until the death of the principal, even if the principal becomes incapacitated, a majority of states presume power is durable

Question 6

Agent with power of attorney has what liability

Answer 6

the agent is only responsible for intentional misconduct

Question 7

When can the power of attorney be revoked?

Answer 7

the powers can be revoked by the principal at any time