a power of attorney (poa) is a legal document in which the principal (you) designates another person (called the agent or attorney-in-fact) to act on your behalf. the first thing to do if you want a power of attorney is to select someone you trust to handle your affairs if and when you cannot. you want to select someone not only familiar with state requirements, but also with the issues that can arise when a power is invoked. if you are incapacitated and have no poa designated to take the wheel, your family will likely be forced into costly and time-consuming delays.
it could be something very specific, like giving your attorney the power to sign a deed of sale for your house while you’re on a trip around the world. these are the kinds of concerns that can be directly articulated in a durable power of attorney for healthcare decisions. choosing someone to hold your power of attorney and specifying that it will operate even if you lose capacity ensures that you have a plan in place for administering your financial and personal affairs if you are ever unable to do so. if you move to another state, your power of attorney should remain effective; however, the american bar association recommends that you use such a move to update your power of attorney.
power of attorney is essential in the event that you’re incapacitated or not physically present to make decisions on your own behalf. you can view more about the creation of a power of attorney in the infographic below. an attorney-in-fact is a person you’ve assigned to manage your affairs through the power of attorney document. this is simply a poa that has a durability provision to keep the current power of attorney in effect.
the type of poa you need is a personal decision that you may want to bring up when you talk about estate planning with your family. you should appoint a backup agent who can step in if the original agent is suddenly unable to execute their duties. whether the agent is a friend, relative, organization, or attorney, you need someone who will look out for your best interests, respect your wishes, and won’t abuse the powers granted to them. because a power of attorney is one of the most important legal documents you can have, it’s important to know whether you want a durable or regular power of attorney. you can also use a poa to allow someone to transact business for you if you are out of town or otherwise unavailable.
a power of attorney or letter of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter. the person authorizing the other to act is the principal, grantor, or donor. power of attorney (poa) is legal authorization for a designated person to make decisions about another person’s property, finances, or medical care. a power of attorney (poa) is a legal document in which the principal (you) designates another person (called the agent or attorney-in-fact) to act on your a power of attorney (poa) is a legally binding document that allows you to appoint someone to manage your property, medical, or financial, .
a power of attorney gives one or more persons the power to act on your behalf as your agent. the power may be limited to a particular activity, such as closing a power of attorney (poa) is a document that allows one person to appoint another person to act on their behalf concerning finance, real estate, a power of attorney is a legal document that allows someone else to act on your behalf. powers of attorney can be helpful to older people and, .
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