A Power of Attorney is a legal document that evidences the creation of a liaison between two people who are designated as “principal” and “agent”. Through this document, the principal authorizes the agent to act on his or her behalf. A Power of Attorney can be general, so that the agent can conduct any sort of business on behalf of the principal, or it may be specific, i.e. restricted to the business expressly mentioned in the document.
To create a legally legitimate Power of Attorney, the principal must complete and sign a fill-in-the-blank form, usually found in statute books or at a law library. This is known as the Power of Attorney form. If he or she needs help locating or filling out the form, a lawyer is the best option. After the principal fills out the form, he or she must sign it in front of a notary public. In some states, it is a requisite for at least two witnesses to watch him or her sign the form.
Banks and other financial institutions sometimes have their own forms to cover just the transactions in which they are involved. If the principal wants to give someone authority to operate his bank account, for instance, he or she must inform the bank and ask if it has its own durable Power of Attorney form. If the agent is being given authority to deal with the principal’s real estate, he or she may need to put a copy on file at the local land records office.
A Power of Attorney form must include all of the following information: the principal’s name and postal address; social security number; the time duration involved; a clear statement as to the powers granted to the agent; and the principal’s signature and date. For estate tax matters, the decedent’s name, date of death, and the agent’s authorization must all be included.
Other Power of Attorney forms include Power of Attorney Revocation, Power of Attorney by Husband and Wife, and in some states, Power of Attorney for Property and Finances.
Related Articles of Interest :
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Durable Power of Attorney
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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...
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Specific Power of Attorney
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The Oxford dictionary defines a Power of Attorney as “the authority to act for another person in specified legal or financial matters”. Simply speaking, a Power of Attorney establishes a fiduciary relationship between two individuals – the principal and named representative [attorney-in-fact]. There are, broadly...
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Medical Power of Attorney
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A Medical Power of Attorney gives specific instructions, prepared in advance, that are intended to direct medical care for an individual if he or she becomes unable to do so in the future. Plainly speaking, a Medical Power of Attorney is made in anticipation of...
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Limited Power of Attorney
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Through a limited Power of Attorney, the “principal” can authorize another person, i.e. “agent”, to carry out specified tasks on his or her behalf for limited time duration or only under certain circumstances. The Power of Attorney is therefore “limited” or tailored to meet the...
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Real Estate Power of Attorney
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A real estate Power of Attorney grants legal authority to another party or agent to make financial decisions regarding the principal’s real property, including purchase and sale. In particular, the Power of Attorney provides the authority to negotiate, purchase, sell, convey, transfer, mortgage, preserve, or...
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Power of Attorney
10 August 2010 8:30 PM |
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The Oxford dictionary defines a Power of Attorney as “the authority to act for another person in specified legal or financial matters”. In other words, granting someone a power of attorney empowers that person to manage your financial or legal affairs within defined boundaries. The...
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General Power of Attorney
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A general Power of Attorney is used by the principal to allow the agent to handle all of his or her affairs during a period of time when he or she is not capable of doing so, for example, when the principal is traveling out...
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Notary Public Forms
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There are several types of notary public forms available for notaries. The contents of these forms differ, depending on the state they originate from. But these forms require basic facts such as name, age, date of birth and qualifications. There are notary public application forms,...
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1031 Tax Exchange Forms
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There are several forms that are required to be filled while carrying out transactions under Section 1031. Some of the important forms include IRS Form 8824 for like-kind exchanges and IRS Form 4797 for the sale of business property. There are several agreements that need...
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Free Last Will And Testament Forms
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A last will or testament is a document that states the ways in which a person can arrange for the distribution of his or her property and possessions after death. Last will and testament regulates others’ rights over the testator’s property and family after his...