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An important part of lifetime planning is the Power of
Attorney.
by:
Jeffrey Broobin
An
important part of lifetime planning is the Power of Attorney. Valid in all
states, these documents give one or more persons the power to act on your
behalf. The power may be limited to a particular activity (e.g., closing
the sale of your home) or general in its application, empowering one or
more persons to act on your behalf in a variety of situations. It may take
effective immediately or only upon the occurrence of a future event (e.g.,
a determination that you are unable to act for yourself). The latter are
"springing" Powers of Attorney. It may give temporary or continuous,
permanent authority to act on your behalf. A power of attorney may be
revoked, but most states require written notice of revocation to the
person named to act for you.
The person
named in a Power of Attorney to act on your behalf is commonly referred to
as your "agent" or "attorney-in-fact." With a valid Power of Attorney,
your agent can take any action permitted in the document. Often your agent
must present the actual document to invoke the power. For example, if
another person is acting on your behalf to sell an automobile, the motor
vehicles department generally will require that the Power of Attorney be
presented before your agent's authority to sign the title will be honored.
Similarly, an agent who signs documents to buy or sell real property on
your behalf must present the Power of Attorney to the title company. The
same applies to sale of securities or opening and closing bank accounts.
However, your agent generally should not need to present the Power of
Attorney when signing checks for you.
Why would
anyone give such sweeping authority to another person? One answer is
convenience. If you are buying or selling assets and do not wish to appear
in person to close the transaction, you may take advantage of a Power of
Attorney. Another important reason to use Powers of Attorney is to prepare
for situations when you may not be able to act on your own behalf due to
absence or incapacity. Such a disability may be temporary (e.g., due to
travel, accident, or illness) or it may be permanent.
If you do
not have a Power of Attorney and become unable to manage your personal or
business affairs, it may become necessary for a court to appoint one or
more people to act for you. People appointed in this manner are referred
to as guardians, conservators, or committees, depending upon your local
state law. If a court proceeding, sometimes known as intervention, is
needed, than you may not have the ability to choose the person who will
act for you. With A Power of Attorney, you choose who will act and define
their authority and its limits, if any.
What if I
move? Generally, a Power of Attorney that is valid when you sign it will
remain valid even if you change your state of residence. Although it
should not be necessary to sign a new Power of Attorney merely because you
have moved to a new state, it is a good idea to take the opportunity to
update your Power of Attorney.
Will my
Power of Attorney expire? Some states used to require renewal of Powers of
Attorney for continuing validity. Today, most states permit a "durable"
Power of Attorney that remains valid once signed until you die or revoke
the document. However, you should periodically meet with your lawyer to
revisit a Power of Attorney and consider whether your choice of agent
still meets your needs and learn whether developments in state law affect
your Power of Attorney.
Note that
Legalhelpmate.com (http://www.legalhelpmate.com/power-of-attorney.aspx)
provides an easy-to-use, quick, and economical online method for creating
completed legal documents for any occasions.
by-http://www.legalhelpmate.com |
