Indiana Special Power of Attorney — Form 11— - Pre and Post 2005 Act is a legal document that grants a specific person, known as the agent or attorney-in-fact, the authority to carry out specific acts on behalf of the principal, who grants the power. Pre-2005 Act: Prior to the adoption of the Indiana Power of Attorney Act in 2005, the Special Power of Attorney — Form 11B followed the traditional common law principles outlined by the state. It allowed individuals to appoint an agent to act on their behalf with specific powers, such as managing their finances, making healthcare decisions, or selling property. However, it lacked the modern safeguards and protections incorporated into the 2005 Act. Post-2005 Act: Following the enactment of the Indiana Power of Attorney Act in 2005, the Special Power of Attorney — Form 11B was modified to comply with the new statutory requirements. This updated version provides greater clarity, sets forth mandatory provisions, and ensures better protection for both the principal and the agent. The Indiana Power of Attorney Act introduced various types of power of attorney documents, each serving different purposes and addressing specific needs. Specific types of Special Power of Attorney — Form 11B that are commonly used under the PRE and Post 2005 Act include: 1. Financial Power of Attorney: This type of Special Power of Attorney allows the agent to handle financial matters on behalf of the principal. These may include managing bank accounts, paying bills, filing taxes, buying and selling property, investing funds, and similar financial transactions. 2. Healthcare Power of Attorney: A Healthcare Power of Attorney grants the agent the authority to make medical decisions for the principal in case they become incapacitated or unable to communicate their wishes effectively. The agent can consult with medical professionals, consent to or refuse medical treatments, and ensure the principal receives the necessary healthcare. 3. Limited Power of Attorney: A Limited Power of Attorney grants the agent authority for a specific action or purpose, often for a defined period. For example, a principal may grant an agent the power to sell a property on their behalf while they are out of the country. 4. Durable Power of Attorney: A Durable Power of Attorney remains in effect even if the principal becomes incapacitated or mentally incompetent. This ensures that the agent's authority does not terminate due to the principal's incapacity, allowing them to continue acting on the principal's behalf. It is important to note that while these are common types of Special Power of Attorney documents, individuals should always consult an attorney or legal professional to ensure they select the appropriate form and customize it to meet their specific needs and circumstances.
Indiana Special Power of Attorney - Form 11B - Pre and Post 2005 Act
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How to fill out Indiana Special Power Of Attorney - Form 11B - Pre And Post 2005 Act?
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FAQ
An Indiana power of attorney is a legal document that gives someone (the ?agent?) the authority to make important financial or medical decisions for you (the ?principal?) if you need help managing your affairs or become incapacitated due to injury or illness.
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.
If you want to invalidate a power of attorney, you must approach the courts. A court or legal guardian is the only entity with authority to revoke a power of attorney. Before considering whether to invalidate a power of attorney, the court will review the specifics of your case.
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.
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.
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.
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.