As a Powers of Attorney,
you are not made an attorney. You do not have to be a lawyer to be appointed as
a Powers of Attorney (POA). Due to
being named as POA, you get a limited set of rights and options on behalf of
another person or organization. POA appointments are common in property planning.
A person, who represents another person in court cases, is
acting as an attorney, and only a licensed attorney is allowed to represent
others in the court cases. Even if someone is designated as "actually an
attorney", then alone, they do not make an attorney. A person does not
have to be an attorney, to be able to get limited rights to make any other
person's choice or to be appointed to manage them for care.
An exclusive Powers of Attorney
agreement creates an agency relationship between the Principal (agreeing to
authorize a person or entity, to grant grants and to represent some of their
rights), and their agent (Powers of Attorney).Principal gives his agent some rights (power). The agent
gets the rights until some event occurs, for example, the principal disables,
dies, or the Powers of Attorney
(POA) rights are revoked.
Attorney have different types of power, and one person
can play more than one POA role.
Some examples of Powers of Attorney are:
1) There are some legal and almost all financial decisions
in a General Powers of Attorney.
2) A Specific Powers of Attorney is restricted to a
transaction or limited time.
3) A Sustainable Powers of Attorney gives the ability to
avoid the inability of the principal, which is useful in estate planning.
4) A Financial Powers of Attorney is powerful because
it allows the agent to make all financial decisions for an incompetent
principal. Some financial institutions require the attorney's durable power
instead of the attorney's financial power, or instead.
5) A Health or Medical
care Powers of Attorney allows the decision of health care for the
principal, when they become disabled.
Although someone does not have to be an attorney to be a Powers of Attorney, they can be. An
attorney usually involves, if only for paperwork. The powers of the attorney's
documents are usually not filed in a court unless they are subpoenaed, or some
real estate transactions are involved.
Each state has its own laws and specifications, so be sure
to contact a local attorney who knows your specific POA requirements. If you do
not already have a Powers of Attorney,
you should meet an attorney to discuss a preparation for yourself. And even if
you already have a Powers of Attorney,
you should consider reviewing an attorney to ensure that this is all that is
necessary to be effective.
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