South Dakota 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
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.
Does a Power of Attorney need to be notarized, witnessed, and/or recorded in South Dakota? The requirements and restrictions vary by state; however, in South Dakota, if you plan for the agent to handle matters related to children or real estate, then notarization will be required.
It is often convenient - or even necessary - to have someone else act for you. You can give someone the legal authority to act for you with a document called a Power of Attorney. If you give a Power of Attorney, you are called the principal and the person you give it to is called the agent or the attorney-in-fact.
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.
The primary difference is that a power of attorney attends to a person's financial needs while they are incapacitated or unable to take care of their responsibilities ? but they are still alive. In contrast, the personal representative administers someone's estate after the person has passed away.
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 general power of attorney grants broad powers to an agent. Essentially, the agent has the same authority as you have to make decisions, handle your financial affairs and manage your assets. One notable exception to this is that agents cannot gift money or property belonging to the principal to themselves.