A power of attorney is a legal document in which one person, the principal, gives another person, the agent or the attorney-in-fact, the legal authority to make decisions on the principal's behalf. The principal can convey any kind of power he wants, including unlimited powers or powers that last past the principal's incompetency, known as durable powers. Power of attorney laws are state-specific, so talk to a lawyer if you need legal advice about them.
Power of Attorney
Only an adult who has the ability to make decisions can grant power of attorney, and must do so in writing. In general, the principal has to sign the power of attorney, name the agent and list the powers the agent receives. The principal may also have to include specific language, such as language that details durability, or meet other requirements, such as having the document signed by witnesses or a notary, depending on state law.
Durability
An agent can only act as agent for as long as the principal allows. Also, an agent's power terminates automatically when the principal dies and when the principal is incapacitated. However, an agent retains his powers during the time when the principal is incapacitated if the principal granted durable powers of attorney. Nondurable powers terminate on the principal's loss of the ability to rescind the power, while a durable power of attorney does not.
Limitations
The principal determines what powers to give the attorney-in-fact when granting power of attorney. If a principal wants to give the attorney-in-fact as much power as possible, the principal grants general power of attorney. General powers are the broadest grants possible and are sometimes known as unlimited powers. However, some states require principals to specifically grant some powers in the power of attorney document, even if granting general powers. These so-called hot powers typically include such powers as delegating power of attorney to others and changing a beneficiary.
Unlimited Durability
A power of attorney can be both unlimited and durable at the same time. For example, if you want to give someone power of attorney in the event you become ill and lose the ability to make decisions, you can grant general durable powers of attorney. You can also make this power contingent on a specific event, such as falling ill. This means that the power of attorney only takes effect if you become sick, but once it does, your agent can make any decisions you would make and maintains that ability even if you can no longer make decisions.
Related Posts:
Difference Between Velour & Terry Cloth
Velour and terry cloth are both fabrics that we use for items like towels and hats.Technically, there is little dissimilarity between different types of textiles. The distinctions are often found...
Troubleshooting Ge Quiet Power 3 Dishwasher
Troubleshooting: GE Quiet Power 3 DishwasherThe General Electric Quiet Power 3 dishwasher has several features, such as crystal and china, pots and pans, antibacterial, speed and normal wash cycle...
What Is The Difference Between Clomicalm & Prozac For Dogs
Clomicalm and Prozac may help alleviate separation anxiety.With significant advances in the understanding of dog behavioral problems, veterinarians and animal behavior specialists have been placin...
The Average Salary Of A Medical Malpractice Lawyer
Medical malpractice attorneys receive a higher salary based on their combined medical and legal knowledge.Medical malpractice law involves issues arising from the improper or negligent use of medi...
Repair Canvas Tent Trailers
Repair Canvas Tent TrailersTent trailers offer some of the comforts and facilities of an RV at a fraction of the cost, making them a cheaper alternative for those who love camping, but are not so...
