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However, a general power of attorney only operates while you are still coherent and mentally capable. It automatically expires upon incapacity or death. A durable power of attorney remains operational upon incapacity, although it expires upon death.
The agent must be a mentally competent adult. You can name co-agents (this can be a good way to designate a successor agent in case the first agent becomes unavailable). The POA typically must be in writing and notarized ? or signed with two witnesses present.
(d) A document creating a power of attorney must comply with recording requirements, including notary and preparation statements, to be recorded under this section.
Sec. 3. (a) Except as provided in subsection (b), an attorney in fact may act under a power of attorney without recording the power of attorney with the county recorder.
A durable power of attorney is an important part of an estate plan. This legal document authorizes another person to make decisions regarding your finances and healthcare in the event you are ever incapacitated.
You can write a POA in two forms: general or limited. A general power of attorney allows the agent to make a wide range of decisions. This is your best option if you want to maximize the person's freedom to handle your assets and manage your care.
Please note that Indiana law has very specific requirements for a Power of Attorney to be valid. The member's signature must be witnessed and attested to by a Notary Public. The Notary Public must also sign the document along with their printed name and the notarial seal.
To elect a POA representative, an individual is required to submit a Form POA-1 to the Indiana Department of Revenue (DOR) by uploading an electronic Power of Attorney (ePOA) on INTIME or by mailing or faxing in a copy of the original paper form.