Settlement Against Estate With Special Power Of Attorney In Philadelphia
Description
Form popularity
FAQ
The person who assigns power of attorney is known as the principal, and the person to whom the principal gives POA is the agent. The principal — that is, the person who assigned POA to someone (an agent) on their behalf — can revoke it.
Duly appointed Personal Representatives of an estate do not need prior approval of the Court to sell real estate at a public or private sale unless the Will provides otherwise. Pennsylvania Probate, Estates and Fiduciaries Code §3351.
The simple answer is - no - you do not need an attorney to buy or sell a home in Pennsylvania. There is no legal requirement that an attorney be involved in any stage of the transaction. However, the proper question to be asked is if it would be advisable for you to be represented by an attorney.
The agent can legally proceed with the sale if the POA grants the authority to sell certain property, whether real estate, personal property, or other assets like stocks. However, the agent cannot sell the property if the POA doesn't explicitly grant this authority.
All Powers of Attorney automatically end upon the principal's death or upon the revocation by the principal.
An estate attorney can provide advice, determine whether Administration will be required, and explain what procedures will be involved. If you choose to not consult an attorney to represent you through Estate Administration, you may file Pro Se (on one's own behalf) to be named personal representative.
New Requirements for Executing a POA: The principal must execute the POA before a notary public and 2 independent witnesses; New Formalities Required: The first page of the POA must include a statutory “notice” in capital letters signed by the principal.
In Pennsylvania, you can use a summary probate procedure when estates are worth less than $50,000 (not including funeral costs, real estate and allowable family payments).
The law permits you, if you choose, to grant broad authority to an agent under power of attorney, including the ability to give away all of your property while you are alive or to substantially change how your property is distributed at your death.
Non-Probate Assets Joint bank accounts. Joint brokerage accounts. Real estate held in joint tenancy. Vehicles held in joint ownership.
