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This power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property (including your money) whether or not you are able to act for yourself.
§ 21?2601.05. (b) A power of attorney executed under this chapter is not valid unless it is acknowledged before a notary public or other individual authorized by law to take acknowledgment. (Feb. 23, 2023, D.C. Law 24-236, § 2(d), 69 DCR 14660.)
Steps for Making a Financial Power of Attorney in D.C. Create the POA Using a Statutory Form, Software, or Attorney. ... Sign the POA in the Presence of a Notary Public. ... Store the Original POA in a Safe Place. ... Give a Copy to Your Agent. ... File a Copy With the Land Records Office. ... Consider Giving a Copy to Financial Institutions.
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.
A Power Of Attorney Doesn't Address What Happens to Assets After Your Death. A power of attorney ends at your death, so it does not do anything to protect your wealth after you are gone or to facilitate the timely transfer of assets to loved ones.
A Washington D.C. limited power of attorney form allows you to choose someone to handle a specific task on your behalf. The person choosing someone else (the ?principal?) is required to sign the form in the presence of a notary public for it to become in effect.
A Washington D.C. real estate power of attorney lets someone else sell, lease, or encumber real property on your behalf. This is common in real estate closings where the buyer or seller allows their attorney to handle the signing of legal documents.