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:
Different deeds provide various levels of protection to the grantee, and the obligations of a grantor are determined by the form of the deed. A quitclaim deed offers the least level of buyer protection and is generally used when title is transferred between family members or to clear a defect on the title.