To grant a person the authority to make important decisions related to an individual’s financial management or medical treatment, they have to possess first a legal document called the power of attorney. The trusted person who can decide on your behalf is called an agent, proxy, or attorney-in-fact. This document is also used in events when you are incapacitated or unable to communicate your wishes or act according to your normal self.
To grant a person the authority to make important decisions related to an individual’s financial management or medical treatment, they have to possess first a legal document called the power of attorney. The trusted person who can decide on your behalf is called an agent, proxy, or attorney-in-fact. This document is also used in events when you are incapacitated or unable to communicate your wishes or act according to your normal self.
50+ Power of Attorney Samples
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51. Sample Child Power of Attorney
What is a Power of Attorney?
In cases when an individual became seriously injured or ill, it can be difficult to handle their daily activities as normally as they usually do such as paying bills and attending appointments like their medical treatment. A power of attorney is a legal form and formal document that enables a trusted person to act on your behalf when you can’t. It is also a private and exclusive way to assign a representative for decision-making that have your best interests in mind.
How to Create a Power of Attorney?
With a power of attorney, a person is given the consent to act and decide for another person who is called an agent while the subject of the document is called the principal. The agent can be provided with a broad range of legal authority or limited authority to decide for a principal in relevant matters such as property management, financial management, and medical and health care plan.
Step 1: Determine the Type of POA you Want to Make
The first step in making a power of attorney is determining the type of document that best fit your situation and preferences. The types of power of attorney you can use include the general power of attorney, special or limited power of attorney, springing power of attorney, and durable power of attorney.
Step 2: Decide on your Agent and the Scope of their Authority
The agent you have chosen will be given a number of authority so it is important to choose a person you can trust. Talk with this person in advance and ensure that they are willing to be your agent. You can also discuss the financial and medical-related decisions they can do on your behalf.
Step 3: Complete a POA Form
After getting a form for your power of attorney, provide the necessary information required in the document as well as your signature and witness it in accordance with the laws in your state. Some states will require you to sign this form in front of a notary, require additional witnesses, or the signature of the agent.
Step 4: Provide a Copy for your Agent and Yourself
Provide a copy of your power of attorney to your agent and other related parties such as your bank and medical institute. You also have to keep a copy for yourself which you can store in a safe deposit box or at your trusted attorney’s office.
FAQs
What is the use of a limited or special power of attorney?
A limited or special power of attorney provides an agent with the authority to act and decide on your behalf which they can only perform in certain areas. These types of power of attorney are usually used in estate planning such as financial power of attorney and medical power of attorney.
What are the things to consider when making a power of attorney?
If you are making a power of attorney, you can consider starting small like enabling your children to prepare and file the tax return and handle your dealings with IRS, requiring safeguards, and consulting and communicating with trusted advisors.
What are the scope and limitations of a power of attorney?
A power of attorney is not a legally binding document unless it is written and signed according to the laws of your state. The principal must also be in a sound state of mind when they signed their POA document.
A power of attorney is an important document in any case where an individual is not able to communicate their desires and wishes anymore or is not physically present when they have decisions to make on their behalf. It is a legally binding document that enables you to assign a trusted person to act and decide on your behalf with your best interests in mind on certain affairs such as medical treatment, and financial and property management.
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