Personal Planning Package. Includes your Will, Living Will, Power of Attorney and other forms...
Power of Attorney Package. Make decisions about your finances, healthcare, and the care of minor children.
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Life Documents Planning -- (including Will, Power of Attorney and Living Will), Survivor's Guide to A Death in the Family
Survivor's Guide to A Death in the Family
A power of attorney is an instrument containing an authorization for one to act as the agent of the principal that terminates at some point in the future either by its terms or by operation of law such as death of the principal or agent. They are also called letters of attorney. The person appointed is usually called an Attorney-in-Fact. The person making the power of attorney appointment is called the principal. A power of attorney can be either general, durable or limited. Some states have adopted a statutory power of attorney. Other specific types of power of attorneys include: Health Care Power of Attorney, Power of Attorney for Care and Custody of Children, Power of Attorney for Real Estate matters and Power of Attorney for the Sale of a Motor Vehicle. Free law summaries provide a detailed explanation of state specific law concerning the power of attorney.
FAQs
1) What is a General Power of Attorney?
A General Power of Attorney is a legal document which gives the person you choose (the agent) the power to manage your assets and financial affairs while you are alive. The document must be signed by you (the principal) while you have the required legal capacity to give your agent clear and concise instructions. The appointment may be for a fixed period and can be revoked by you at any time providing you still have the legal capacity to do so. A power of attorney ceases when you die. The executor named in your will then takes over the responsibilities of your estate.
2) What is a Durable Power of Attorney?
A "durable" power of attorney stays valid even if you become unable to handle your own affairs (incapacitated). If you don't specify that you want your power of attorney to be durable, it will automatically end if you later become incapacitated.
3) What is a Limited Power of Attorney?
A limited power of attorney allows the principal to give only specific powers to the agent. The limited power of attorney is used to allow the agent to handle specific matters when the principal is unavailable or unable to do so.
4) Why have a Power of Attorney?
When accidents, sudden illness, planned or unexpected absences occur, or when you just can't cope, you may need someone to manage your financial affairs. It can be done in anticipation of a future need, for a special purpose or for a limited time. The person you appoint is called your agent. The agent will (by your instructions) safeguard and manage your assets and financial affairs if you are unable to manage them for yourself or if you lose legal capacity.
4) Must a Power of Attorney be recorded?
Please refer to the state specific law summary to determine if a particular Power of Attorney must be recorded. Usually, most Power of Attorney forms do not need to be recorded. However, Power of Attorneys dealing with the sale and purchase of real estate must be recorded.
5) Can a Power of Attorney be revoked?
A Power of Attorney can be revoked by the principal at any time, as long as he or she is competent.
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