Power of Attorney
A power of attorney is a legal document that allows one person (the principal) to designate another person (the agent or attorney-in-fact) to handle certain legal and financial matters on their behalf. The types of powers granted can be broad and allow the agent to make decisions regarding the principal’s property, finances, medical care, and more, or the powers can be very limited and only apply to one specific act. Powers of attorney can be durable, meaning they remain valid even if the principal becomes incapacitated, or nondurable, ending if the principal loses capacity. The power of attorney is revoked when the principal dies or if the principal revokes it while still maintaining capacity. The agent has a fiduciary duty to act in the principal’s best interest.
Use ThinPaper to create a Power of Attorney document.
What Is A Power Of Attorney?
A power of attorney is a legal document that allows one person (the principal) to designate another person (the agent or attorney-in-fact) to handle certain legal and financial matters on their behalf. The power of attorney outlines the specific powers granted to the agent.
What Are The Different Types Of Power Of Attorney?
Common types include durable power of attorney, general power of attorney, limited power of attorney, and healthcare power of attorney. Durable POAs remain valid if the principal loses capacity, while general and limited POAs end if the principal becomes incapacitated. Healthcare POAs only apply to medical decisions.
What Powers Can An Attorney-In-Fact Have?
Common powers granted include handling real estate matters, vehicles/transportation, taxes and finances, business decisions, family responsibilities, and healthcare choices. The principal decides the scope of authority.
When Should I Create A Power Of Attorney?
Reasons to create a POA include frequent travel, terminal illness, incapacitation, dangerous jobs, owning properties that need maintenance, having minor children, or reaching old age. It allows someone to handle your affairs if you become unavailable.
How Do I Choose An Attorney-In-Fact?
Choose someone trustworthy, accountable, and organized. They should be able to keep records of their actions. Consider splitting powers between multiple agents based on their skills.
How Do I Create A Legally Valid POA?
Use an online POA creator like ThinPaper to easily make a customized POA form meeting your state’s requirements. Print, sign according to your state’s rules, make copies, and store securely.
Does A POA Need To Be Registered Anywhere?
Generally no, except that agents handling real estate may need to record the POA. The principal and agents should store copies securely in case the original is lost.
How Do I Revoke A Power Of Attorney?
The principal can revoke a POA at any time while maintaining capacity by providing written notice to the agent(s). A POA is automatically revoked upon the principal’s death.