The District of Columbia General Durable Power of Attorney Appointing Agent to Act For Principal Regarding All Property Matters is a legal document that designates a trusted individual or "agent" to handle all property-related affairs on behalf of the "principal." In the District of Columbia, specific types of General Durable Power of Attorney Appointing Agents to Act for Principal Regarding All Property Matters include: 1. Limited Power of Attorney: A Limited Power of Attorney grants the appointed agent the authority to act on behalf of the principal, but with certain limitations. This is commonly used when the principal wants the agent to handle specific property matters or transactions. 2. Springing Power of Attorney: A Springing Power of Attorney becomes effective only when specific conditions, as outlined in the document, are met. For instance, it may come into effect if the principal becomes mentally incapacitated or is unable to make decisions regarding their property matters. 3. Financial Power of Attorney: A Financial Power of Attorney focuses solely on property and financial matters. This document grants the agent the authority to manage the principal's real estate, personal property, investments, bank accounts, and other financial assets. 4. Health Care Power of Attorney: Though not entirely related to property matters, the Health Care Power of Attorney grants the agent the authority to make medical decisions on behalf of the principal if they become incapacitated or unable to communicate their wishes. It is worth mentioning here due to its relevance to the overall power of attorney concept. 5. Non-Durable Power of Attorney: Unlike a General Durable Power of Attorney, a Non-Durable Power of Attorney is valid for a limited period or a specific transaction only. It becomes ineffective upon the principal's incapacitation or death. 6. Revocable Power of Attorney: A Revocable Power of Attorney allows the principal to revoke or cancel the authority granted to the agent at any time, provided they are mentally competent to do so. It offers the principal flexibility and control over their property matters. In District of Columbia, individuals are strongly advised to consult with a qualified attorney to draft a comprehensive General Durable Power of Attorney Appointing Agent to Act For Principal Regarding All Property Matters document tailored to their specific needs and circumstances.
District of Columbia General Durable Power of Attorney Appointing Agent to Act For Principal Regarding All Property Matters
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Definition of ?Power of Appointment? ?(g) Power of appointment? means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. The term does not include a power of attorney.?
The agent is authorized to: accept, receipt for, exercise, release, reject, renounce, assign, disclaim, demand, sue for, claim and recover any legacy, bequest devise, gift or other property interest or payment due or payable to or for the principal; assert any interest in and exercise any power over any trust, estate ...
A Power of attorney is a written instrument whereby one person, as the principal, appoints another to act as his or her agent , giving them the authority to perform certain acts on their behalf.
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 universal agent has power of attorney. The authority to act for another person in specified or all legal or financial matters.
The person named in a power of attorney to act on your behalf is commonly referred to as your "agent" or "attorney-in-fact." With a valid power of attorney, your agent can take any action permitted in the document.
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.