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The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.
How to Write 1 ? Download This Paperwork To Appoint An Agent With Power Of Attorney. ... 2 ? Complete The Declaration Statement. ... 3 ? Define How The Principal Power Should Be Used. ... 4 ? Detail How These Powers Will Start. ... 5 ? Execute This Appointment By Signing It. ... 6 ? Additional Information Has Been Included For The Agent.
You must have the mental capacity to establish a POA, meaning you grasp what it is and the implications of setting one up. The person you choose as your agent must also be 18 or older and have mental capacity. Your power of attorney document must be signed in front of a notary public or by two competent witnesses.
A durable power of attorney has to be in writing, and it has to be signed by the principal and notarized. A durable power of attorney has to contain special words.
For most people, the best option is to have a general durable power of attorney because it gives your agent broad powers that will remain in effect if you lose the ability to handle your own finances. An attorney can customize a general POA to limit powers even more?or add powers, Berkley says.