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Power of Attorney

 

A Power of Attorney is a legal agreement in which the principal ("non-incapacitated" person) gives authority to the agent or attorney-in-fact to act in place of the principal. The agent will have the power to open bank accounts in your name, bring suits in your name, and can sign legal documents for you among other things. As soon as the power of attorney agreement is signed it is "executed", or legally binding. A power of attorney form is no longer legal upon death of the principal or upon revocation of the agreement.

 

Creating A Power Of Attorney Agreement can be very inexpensive if done yourself. A power of attorney agreement must be in writing, and the principal executing the power of attorney must have the legal capacity. Most states do require the agreement be notarized or witnessed.

 

Revocation of a Power Of Attorney must be done by the principal, he/she must not be incapacitated and he/she must put the revocation in writing. Then a copy of the written notice of the revocation should be sent to whomever it interests.

 

The great thing about a power of attorney form is that its really simple, straightforward and an easy way to convey power to an agent. Executing a power of attorney form could cost you as little as ten dollars while giving someone guardianship requires you to pay court fees. You can also use a power of attorney agreement to protect the rights of the principal.

 

One disadvantage a power of attorney form may be to you, is that it becomes effective immediately after it is executed.

 

This information was brought to you by LegalFormsBank.biz, where you can download your state's Power of Attorney Form, Durable Power Of Attorney Form, or Medical Power of Attorney Form in just a few minutes.

Article Source: http://EzineArticles.com/?expert=Nick_Fagan

 

 

 

  

 

 

 

Durable Power of Attorney

 

A Durable Power of Attorney authorizes the principal’s named representative [attorney-in-fact] to continue to act for him or her after he or she become incapacitated; the legal document must contain the words, “This Power of Attorney shall not be affected by my disability” or “This Power of Attorney shall become effective upon my disability” or something along similar lines.

 

However, the principal must sign the Durable Power of Attorney signed before he or she becomes disabled. Also, the document should ideally indicate how the principal will be determined to be disabled so that when the attorney-in-fact tries to implement the Durable Power of Attorney, he or she can convince the third party that the principal is indeed disabled.

 

A Durable Power of Attorney may be restricted to authority over real estate and financial matters. But if the principal is authorizing someone to make medical decisions on his or her behalf, he or she may indicate whether life support systems should be withheld or withdrawn in the face of a terminal illness or imminent death.

 

The principal may revoke a Durable Power of Attorney at any time. To do so, he or she should inform the attorney-in-fact, in writing, that the Power of Attorney is being revoked and request the return of all copies of the Power of Attorney. The principal should also notify his or her bank or other financial institution where the attorney-in-fact has used the Power of Attorney that it has been revoked. Lastly, he or she should file a copy of the revocation with the County Clerk, if the Power of

Attorney has been filed in the Clerk's office. It is in the principal’s best interests to hire a lawyer to carry out the revocation.

 

Power Of Attorney provides detailed information about power of attorney, power of attorney forms, medical power of attorney, limited power of attorney and more. Power Of Attorney is the sister site of Divorce Legal Forms.