The power of attorney is a legal document that authorizes a person to act in behalf of you. The person who is given authority is called an attorney-in-fact while the grantor is called the principal. A power of attorney gives the attorney-in-fact the power over the principal’s private affairs, financial affairs, or other legal matters that the principal might not be able to attend to.
There are different types of power of attorneys. If you are planning to appoint an attorney-in-fact to look after your affairs, see these Sample Forms first to review so you may know the scopes of the authority that a power of attorney covers.
Sample Durable Financial Power of Attorney Form
Free Financial and Property Power of Attorney Form
Blank Financial Power of Attorney Form in PDF
Financial Lasting Power of Attorney Form Example
Basic Financial Power of Attorney Form
Types of Power of Attorneys
There are three types of power of attorney:
- A Special or Limited Power of Attorney limits the power of the attorney-in-fact to specified acts. See these Sample Limited Power of Attorney Forms for guidelines on this type of appointment.
- A General Power of Attorney is when a principal gives the attorney-in-fact the power over all the principal’s affairs, including private and financial affairs.
- A Durable Power of Attorney becomes ineffective once the principal dies or becomes incapacitated and thus, is unable to grant such a power. This can be overridden if the principal specifies that they wish for the attorney-in-fact to retain the power even in the instance of their incapacitation. See these Durable Power of Attorney Forms for an in-depth discussion of this type of appointment.
When Attorneys-In-Fact are Appointed
A power of attorney is given by the principal to the attorney-in-fact when the situation calls for it. Such circumstances include the following:
the principal appoints a trusted and proven friend or family member as an attorney-in-fact when they will not be physically present to attend to legal matters;
a special power of attorney is drafted in place of a deed of sale for convenience reasons; and
a couple whose relationship is not recognized by the laws of the land appoints each other as attorneys-in-fact whose powers extend despite the principal’s death and incapacitation so they may have authority over each other’s private and financial matters should one partner become ill, incapacitated, or deceased.
Enduring Financial Power of Attorney Form Format
Personal Financial Power of Attorney Form
Printable Financial Power of Attorney Form in Word
Sample Financial Power of Attorney Statutory Form
Financial Power of Attorney Form to Download
Provisions in a Financial Power of Attorney
When drafting a power of attorney, make sure that you specify the following:
The parties involved. Make sure that the complete legal names of the principal and the attorney-in-fact are written.
The extent of the power of attorney. Mention exactly how much power you are granting the attorney-in-fact. In a financial power of attorney, specify whether you are giving the attorney-in-fact access only to certain bank accounts, a certain amount or business, or to all your finances.
The type of power of attorney. Make sure to specify whether you are granting the attorney-in-fact a special power of attorney, a general power of attorney, or a durable power of attorney. Specify in the document whether you want the attorney-in-fact’s power to continue even in the event of your death or incapacitation or if you want their power halted in case of your loss of “durability.”
For other types of power of attorney forms, also see these Sample General Power of Attorney Forms.
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