Kansas Limited Power of Attorney to Deal with Oil and Gas Properties
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How to fill out Limited Power Of Attorney To Deal With Oil And Gas Properties?
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FAQ
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.
One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agent's activities by anyone other than you, the principal.
A Kansas limited power of attorney allows a person to tailor the powers they are granting to a specific time or circumstance. It is important they find the right person to be their agent and they carefully describe the powers being granted so they can't be interpreted any broader than intended.
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.
You can limit the power you give to your attorney ? for example, you could allow them to deal with your bank account but not your property. An OPA is useful in certain situations, but it's usually best to create an LPA instead as your attorney can continue to act for you if you ever lose mental capacity.
The rules are different in each state; however, in Kansas, your Power of Attorney will need to be notarized. If your agent(s) will have the authority to handle real estate transactions, the Power of Attorney must be signed by a notary and recorded or filed with the county.
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.
Steps for Making a Financial Power of Attorney in Kansas Create the POA Using a Form, Software or an 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 or Attorney-in-Fact. ... File a Copy With the Register of Deeds.