 |
 |
 |
Information & FAQ
A power of attorney is an instrument containing an authorization for one to act as the agent of the principal
that terminates at some point in the future either by its terms or by operation
of law such as death of the principal or agent. They are also called
letters of attorney. The person appointed is usually called an Attorney-in-Fact.
The person making the power of attorney appointment is called the principal.
A power of attorney can be either general, durable or limited. Some states
have adopted a statutory power of attorney. Other specific types of power
of attorneys include: Health Care Power of Attorney, Power of Attorney
for Care and Custody of Children, Power of Attorney for Real Estate matters
and Power of Attorney for the Sale of a Motor Vehicle. Free law summaries
provide a detailed explanation of state specific law concerning the power
of attorney. To search for power of attorney forms by state click here.
FAQs 1) What is a General Power of Attorney? A General Power of Attorney is a
legal document which gives the person you choose (the agent) the power
to manage your assets and financial affairs while you are alive. The document
must be signed by you (the principal) while you have the required legal
capacity to give your agent clear and concise instructions. The appointment
may be for a fixed period and can be revoked by you at any time providing
you still have the legal capacity to do so. A power of attorney ceases
when you die. The executor named in your will then takes over the responsibilities
of your estate. 2) What is a Durable Power of Attorney? A "durable" power of attorney stays
valid even if you become unable to handle your own affairs (incapacitated).
If you don't specify that you want your power of attorney to be durable,
it will automatically end if you later become incapacitated. To search for power of attorney forms by state click here.
3) What is a Limited Power of Attorney? A limited power of attorney allows
the principal to give only specific powers to the agent. The limited power
of attorney is used to allow the agent to handle specific matters when
the principal is unavailable or unable to do so. 4) Why have a Power of Attorney? When accidents, sudden illness, planned
or unexpected absences occur, or when you just can't cope, you may need
someone to manage your financial affairs. It can be done in anticipation
of a future need, for a special purpose or for a limited time. The
person you appoint is called your agent. The agent will (by your instructions)
safeguard and manage your assets and financial affairs if you are unable
to manage them for yourself or if you lose legal capacity. 4) Must a Power of Attorney be recorded? Please refer to the state specific
law summary to determine if a particular Power of Attorney must be recorded.
Usually, most Power of Attorney forms do not need to be recorded. However,
Power of Attorneys dealing with the sale and purchase of real estate must
be recorded. To search for power of attorney forms by state click here.
5) Can a Power of Attorney be revoked? A Power of Attorney can be revoked
by the principal at any time, as long as he or she is competent. | |||
| |
