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Quick Tips for Powers Of Attorney

A Powers Of Attorney (POA) is a document that permits you to appoint a person or organization to manage your affairs if you are unable to do so. However, not all POAs are created equal. Each type gives your attorney-in-fact (the person who will be deciding on your behalf) a different level of control.

Powers Of Attorney

Types of Powers of Attorney

General Power Of Attorney

A general power of attorney gives a broad right to a person or organization (known as an agent or attorney-in-fact) to act on your behalf. These powers include the handling of financial and commercial transactions, the purchase of life insurance, the settlement of claims, the realization of commercial interests, the realization of gifts and the provision of professional help. If you will be out of the country and have someone to handle certain matters or when you are physically or mentally incapable of managing your affairs, is an effective tool. A general power of attorney is often included in an estate plan to ensure that one can handle financial matters.

Special Power Of Attorney

You can actually specify what powers an agent can exercise by signing a Powers Of Attorney. It is often used when one cannot handle some cases due to other commitments or health reasons. Trading property (personal and real), managing real estate, collecting debt, and handling business transactions are some of the common matters specified in a special powers of attorney document.

Health Care Power Of Attorney

If you are unconscious, mentally incapacitated, or otherwise unable to make the decision yourself, the health care power of attorney grants your agent authority to make medical decisions for you. While living is not the same as willpower, many states allow you to incorporate your choice about being placed on life support. Some states Wills allow you to combine parts of a health care POA and make a living in an Advanced Care Directives.

Durable Power Of Attorney

Suppose you have been mentally incapacitated due to illness or accident, while you have a Powers Of Attorney in effect. Will the document be valid? To avoid any problems, you can sign a durable power of attorney. It is simply a general, special, or health care POA that has a sustainability provision to keep the current power of sustainability effective.

You can sign a durable power of attorney to prepare for the possibility that you may be mentally disabled due to illness or injury. Specify in the Powers Of Attorney that it cannot be effective unless a doctor certifies you as mentally incompetent. You can name a specific physician you want to determine your qualifications, or require that two licensed physicians agree on your mental state.

Powers Of Attorney

Having a Sound Mind. . .

A Powers Of Attorney is only valid if you are mentally competent when signing it and, in some cases, it becomes effective when incapacitated. If you think your mental capacity can be questioned, get a doctor verified in writing. If your Powers Of Attorney does not specify the requirements for determining mental qualifications, your agent will require a written doctor's confirmation of your inability to trade on your behalf. In some circumstances the court may also be required to decide on the issue of merit.

Signing, Sealing and Granting a Powers Of Attorney

You must sign and notarize the original Powers Of Attorney document, and certify several copies. Banks and other businesses will not permit your agent to act on your behalf, unless they receive a certified copy of the power of attorney.

Powers Of Attorney are unnecessary to execute. However, it may be wise to consult someone for advice on how to provide counselling to your candidate agent, and to ensure that your document meets all legal requirements.

Remember, you can revoke the Powers Of Attorney at any time. Just notify your agent in writing and retrieve all copies of your power of attorney. Notify any financial institutions and county clerk's office, if applicable, that your agent's power of attorney has been revoked.

The need for a Powers Of Attorney in the form of death and taxes is almost certain in the lives of all. Everyone has illness, injury, old age or daily life commitments. It is important to understand what a Powers Of Attorney is and how it can help take care of business, even when you cannot.

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