The Power Of Attorney

The power of attorney is a great tool provided for financial matters in the event of disability and also, it is a very good way to avoid the necessity of guardianship and conservatorship. This power of attorney is also called a “mandate” in some jurisdictions and it is granted by a principal or donor to an agent in order to perform some action for him.

In some cases a verbal power of attorney is enforceable, however the normal power of attorney should be in writing and should have the signature of a notary public. When the power of attorney refers to an action that has to require an acknowledgement before a notary public, for real estate deeds for instance, then the power of attorney needs to be notarized.

The power of attorney can be specific or general and can be limited or unlimited in time. The power of attorney ends according to the terms specified, the grantor cancels it or it ends with the death of the principal. More than once, banks and other financial or public institutions have been reluctant in recognizing the power of attorney if it is a few years old.

When you are interested in drawing up a power of attorney you should know that it can be enforced immediately or it will become effective once the principal is no longer capable of taking care of himself or to take decisions on his own. This legal document can be drafted in such a manner that it can spring into effect upon medical disability of the principal. The ones that draft the document should also make sure that they name an alternate agent, therefore, when the named agent is not available or he/she is unable to act, the alternate can carry the out what needs to be done.

The agent has no right to make gifts from the principal’s assets but merely respect what is written in the power of attorney. Of course, there are actions that cannot be delegated to an agent such as: marriage, voting or making a will. The provisions related to the power of attorney differ from state to state.

For preparing the power of attorney you will need a specialist to draft the document and then you will need to take it to the notary public. The principal and the agent have to be present at the notary public in order to the document to be considered legal.

By: JacquelineBrewster

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By making a lasting power of attorney, you can provide in advance for the possibility that you may one day become incapable of handling your financial affairs and property or making decisions about your own personal welfare.