Pennsylvania General Durable Power of Attorney Appointing Agent to Act For Principal Regarding All Property Matters
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How to fill out General Durable Power Of Attorney Appointing Agent To Act For Principal Regarding All Property Matters?
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FAQ
New Requirements for Executing a POA: The principal must execute the POA before a notary public and 2 independent witnesses; New Formalities Required: The first page of the POA must include a statutory ?notice? in capital letters signed by the principal.
THIS NOTICE MUST BE SIGNED BY THE ACCOUNT OWNER. THE PURPOSE OF THIS DURABLE POWER OF ATTORNEY IS TO GIVE THE PERSON YOU DESIGNATE (YOUR "AGENT") BROAD POWERS TO HANDLE YOUR PROPERTY, WHICH MAY INCLUDE POWERS TO SELL OR OTHERWISE DISPOSE OF ANY REAL OR PERSONAL PROPERTY WITHOUT ADVANCE NOTICE TO YOU OR APPROVAL BY YOU.
What is the process for setting up a Power of Attorney? You must sign and date your Power of Attorney. If you are unable to sign your name, you must have two adults witness and sign the document. Depending on the type of Power of Attorney, your agent may have to sign an Acknowledgment.
Pennsylvania Power of Attorney Requirements Pennsylvania law requires the POA to include a Notice provision and before the Agent can act, the Agent must execute and affix to the POA an Acknowledgement. The Notice and the Acknowledgement must comply with Pennsylvania law.
A power of attorney is a grant of authority to act for another person. The person giving the power is called the ?principal? and the person receiving is the ?agent? or ?attorney-in-fact.? The power granted may be ?durable?, which means it survives incapacity of the principal.
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 is a legal document giving one person (called the Agent or Attorney-in-Fact) the power to act for another person (the Principal). The Agent can have either broad legal authority or limited authority to make legal decisions about the principal's property, finances or medical care.
For years, the first page of a Pennsylvania power of attorney has been a notice to the principal, which is the legislature's attempt to make sure that everyone who signs a power of attorney is aware of what a powerful document it is.