Which type of POA is effective immediately for financial matters?

A General Power of Attorney (POA) is designed to grant broad authority to an agent to act on behalf of the principal in a variety of financial matters without any limitations. It is effective immediately upon execution, meaning that the agent can begin to manage assets, handle financial transactions, and make decisions as soon as the document is signed. This type of POA is often used when the principal seeks to ensure their financial affairs are managed continuously and comprehensively, especially if they will be unavailable to do so themselves.

The effectiveness of a General POA contrasts with specific or limited powers of attorney, which may only allow for distinct transactions or issues, and springing POAs, which only become effective under certain conditions, such as the principal's incapacity. Durable POAs are also effective immediately but are significant because they continue to remain in effect even if the principal becomes incapacitated. However, a General POA is broader in scope and immediate in action, making it the correct answer for the question posed regarding immediate effectiveness for financial matters.