Special Power of Attorney

Special Power of Attorney, meaning a legal document that allows one person to act on behalf of another person for some specific tasks and transactions. The authorised person is called the agent or attorney-in-fact, and the person who grants it is called the principal. The duration of the SPA usually lasts until the task is completed or the principal ends the power, as the SPA is limited to certain powers and particular duties that are mentioned in the document. 

How Many Types of Special Power of Attorney?

There are many types of SPAs, which are divided based on their purposes: 

1. Financial SPA: This type of SPA focuses on the financial matters, allowing the agent to manage banking, tax filing, etc. 

2. Healthcare SPA: It is often known as "health care proxy" and gives power to the agent to make the medical decisions for the principal.

3. Real Estate SPA: It is used for real estate transactions, the agents are authorised to buy ot sell the properties.

4. Limited SPA: It includes the authorization for a limited period and a specific purpose. 

Powers Granted in Special Power of Attorney (SPA)

The SPA includes certain powers that are given to the agent to perform specific tasks on behalf of the principal. Here are some of the common powers:

1. Real Estate Transactions: It includes the ability for the agent to make financial decisions, like buying or selling properties. 

2. Legal Proceedings: The agent has the power to represent the principal in legal actions, which also includes initiating or defending lawsuits.

3. Healthcare Decisions: If the principal is not able to make the decisions, then the agent has the power to take healthcare-related decisions on his behalf.

4. Banking and Financial Transactions: The agent can manage the bank accounts of the principal by processing loans and signing financial documents.

5. Specialized Tasks: The agent can manage the business affairs or handle the government-related transactions.