Prepare your own power of attorney letter now to save time and money for the purpose of making sure your life decisions in the future are made by someone you choose now in case you later become incapacitated.
A power of attorney letter is a document which authorizes another person to act on behalf of the individual granting the power of attorney. The person giving the power is called the Grantor and the person granted the power is called the Attorney-in-Fact. Anyone may be the attorney-in-fact.
What Type of Power of Attorney Printable Form Do I Need?
There are several types of power of attorney legal forms. The most popular ones are a general power of attorney which allows the attorney-in-fact to act as your legal representative in all financial transactions and affairs until it is revoked by you.
A special power of attorney letter limits the attorney-in-fact to certain specified or single acts. Either a general or a special power of attorney can be made a durable power of attorney limiting the time it is valid to a specified date.
In addition to the two basic types of power of attorneys, there are more specific types of power of attorneys also available.
A medical power of attorney authorizes someone else to make decisions regarding your health care in case you become incapacitated. There are also power of attorney forms available if it becomes necessary to authorize someone else to act in your behalf in the sale of a vehicle, buying real estate or selling real estate and more.
Why Do I Need To Prepare A Power Of Attorney?
In case you become incapacitated due to medical emergencies or disabilities, you want someone you choose and can trust to handle your financial and health care decisions. Without a power of attorney letter, a court could appoint someone other than a family member to represent you. This person could be a private individual who could charge a substantial hourly fee paid by your estate to handle your decisions putting an unnecessary burden on your family.
If you are planning your estate, you may want to fill out both a medical power of attorney and a general power of attorney in the anticipation of becoming incapacitated and unable to make decisions for yourself in the future.
When Does a Power of Attorney Letter Become Effective?
A power of attorney can become effective either when it is signed, on a future date specified in the document or when a specific event occurs in the future.
Do I Have to Register a Power of Attorney Paper With My State?
Usually, power of attorney legal forms do not have to be registered with the state unless real estate transactions are involved, then it may be necessary to record the power of attorney forms with your state.
Can I Revoke a Power of Attorney Letter?
A notice for a power of attorney to be revoked almost always must be in writing with the form “The Notice of Revocation of Power of Attorney”.
Why Would You Issue A Power Of Attorney?
You would issue a power of attorney to allow someone to deal with properties you select such as buy or sell property, investment choices, control your bank account, legal issues, financial issues or anything else. Usually most people choose their spouse, a relative or a friend.
You can choose anyone you want but it should be someone who has concern for your best wishes. You may be incapicitated and need to sign a power of attorney for someone else to handle your affairs. Remember the power of attorney allows someone to conduct your business without your direct oversight.
Limited Power Of Attorney
A limited power of attorney is usually enacted when the account holder is incapicitated or unavailable and the agent takes care of any routine business that needs to be done without oversight from the account holder.
Durable Power Of Attorney
A durable power of attorney remains in effect even after you become medically incapacitated. All you personal needs are taken of by the agent from medical care to personal finances.
