A durable power of attorney (POA) enables your elderly parent (called the principal in the power of attorney document) to appoint an agent, such as a trusted relative or friend, to handle specific health, legal and financial responsibilities. There are two types of power of attorney:
Deeds are also categorized based on the type of title warranties provided by the grantor. The general warranty deed, for example, provides the highest level of protection to the buyer. The quitclaim deed, on the other hand, typically provides the least buyer protection. The different types of deeds include:
They're as effective as a warranty deed to transfer title â but only if the title is good. A quitclaim deed can convey title as effectively as a warranty deed if the grantor has good title when the deed is delivered. It is the lack of any warranties, however, that make a quitclaim deed less attractive from a grantee's perspective.