Pennsylvania Affidavit as to Principal's Competence at Time of Granting Power of Attorney
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How to fill out Affidavit As To Principal's Competence At Time Of Granting Power Of Attorney?
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FAQ
The Agent must act on the principal's behalf and will be held to the highest standard of loyalty and duty under Pennsylvania law. For serving as Power of Attorney, Agents are almost always authorized to receive a fee in Pennsylvania.
The principal can override a power of attorney at any time as long as have sufficient mental capacity to understand what they are doing.
In Pennsylvania, the duration of a Power of Attorney is generally determined by the terms outlined in the POA document itself. This means the POA could be set to expire on a specific date, upon the occurrence of a certain event, or when the principal becomes incapacitated or passes away.
A POA creates a ?fiduciary relationship? between you and your agent. A fiduciary relationship is when one person is legally obligated to act in the best interests of another person. That means they're responsible for making decisions for you, in the way you would want those decisions to be made.
They include keeping the agent's funds separate from the principal's, keeping receipts and records of transactions made on behalf of the principal, and attempting to preserve the principal's estate plan. A Pennsylvania power of attorney is a powerful document and an important component of any estate plan.
You may select any competent adult to act as your agent. The authority that a Power of Attorney gives to your agent can be as limited as selling your car for you or as broad as making financial and health care decisions on your behalf.
A POA in Pennsylvania must be dated, signed by the principal, witnessed by two adults, and notarized. If the principal is not able to write, he or she may sign by making a mark (such as an "X") or by directing another person to sign on his or her behalf.
In Pennsylvania, you must notarize the POA and also have it witnessed by two people who are over 18, and who are not helping you sign the document, not named in the POA as agents, and not the notary public.
