There are many reasons why an individual would use an Idaho power of attorney. Sometimes a person who is elderly, mentally ill, or of failing health may need someone to handle their affairs. Elderly individuals who may suffer from Alzheimer's or dementia and may no longer be able to handle affairs such as paying bills, or buying or selling property.
A power of attorney form is not only for the sick, or elderly. Power of attorney forms are recommended for the perfectly healthy as well. There are multiple reasons why one would want their agent to handle their affairs, and one of those is business. If the grantor owns a business, then it is important that the agent have the power to run, and execute important tasks that involve the company, such as paying employees or vendors. However, as with all power of attorney forms, it is imperative that you clearly state which powers your agent does and does not have. If you do not want your agent to have the power to fire or hire employees, then you must clearly state this in your document.
No one knows what will happen tomorrow, and it is always best to be well prepared in the event of an accident. No matter the situation, one individual’s power of attorney needs will vary from the next. Accordingly, there are many types of power of attorney. Here are some of the most commonly used in Idaho:
General Power of Attorney
A general power of attorney grants a single individual to handle all financial matters on behalf of the grantor. The attorney-in-fact is given responsibility, and legal right to handle all affairs on the grantors behalf. However this authorization would become null and void should the principal become incapacitated or were to pass away.
Durable Power of Attorney
A durable power of attorney is used to allow an agent to act on the behalf of the grantor in specified situations. The term "durable" comes from the fact that this authorization continues if the grantor were to become disabled or incapacitated.
Limited Power of Attorney
A limited power of attorney has limited power to whatever the grantor specifies. In many cases, an agent will have power to handle finances, or make medical decisions, but will not have authority to do other things such as sell property (depending on what the grantor decides). Just like a general power of attorney, the authority diminishes if the grantor dies.
Medical Power of Attorney
A medical power of attorney, also known as a living will, this grants power to the agent to make medical or health decisions on the grantor’s behalf. This is commonly used by individuals who are terminally ill, elderly, or for those who may work a high-risk job such as a commercial fisherman or a logger.
Parental Power of Attorney
This type of power of attorney allows a parent to grant decision-making rights over their minor child to a temporary guardian in the case that the parent may not be present during a medical emergency. This form is generally used if the parent must leave the country for a period of time.
Revocation of Power of Attorney
The form ends the current power of attorney form in place and effectively ends the grantor-agent relationship.
Real Estate Power of Attorney
This allows the grantor to designate someone to buy, sell, or manage property on his or her behalf.
Tax Power of Attorney
This power of attorney form allows a capable individual, generally an accountant, to handle all tax preparation and submission needs on the grantors behalf.
Vehicle Power of Attorney
This type of power of attorney, initiated by Form IDT-3368 grants the agent power of attorney to handle all documents relating to the title and registration of the of the grantors vehicle.