Power of Attorney



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Power of Attorney

 
Power of attorney (POA) is a legal document stating the transfer of the right of authority to another individual for a specified span of time, a specified project, or as both the individuals see fit. The individual giving the power of attorney to the other is most commonly referred to as the donor of the power whereas the individual receiving the power is recognized as the agent. This act of transferring the power falls under the common law and allows the concerned parties to get into a deal which provides mutual benefits. POA always has to be a written document on a legal paper in order for it to have a legal value.

Frequently Asked Questions

Q:Can you name a few different types of power of attorney?

A:Power of attorney is legal authority given by an individual to another agent to manage and take care of real estate, stocks, tax, and other safe deposits. There are a number of the types of power of attorneys that exist. The most important ones have been mentioned here: Lasting power of attorney (personal LPA and welfare LPA), and Enduring power of attorney (EPA). The LPA has to be registered with the office and is fixed, whereas the EPA can be made if or when a person loses mental capacity to handle matters on his/her own.

Q:What is Power Of Attorney Law in the United States?

A:Power of attorney law is basically a legal instrument that authorizes a person to act as an agent for a subject/organization. This authorization may fail or be terminated under certain circumstances, until then the agent has all legal rights to manage or make changes. There are a lot of power of attorney specialists who prepare such documents and help clients in this area. State laws confirm that a person must comply with a power of attorney. Health care power of attorney, power of attorney for custody of kids, and real, estate power of attorney are just a few types of power of attorneys.

Q:While reading about power of attorney laws, I came across the legal term of durable power of attorney, can you give some information about this?

A:Durable power of attorney is basically power of attorney that is automatically transferred in case of incapacitation. It is necessary to state who the power of attorney can be transferred to in such a cases, or whether t he power of attorney remains effective or not. If a person no longer is of sound mind, the power of attorney is automatically transferred. It is important to register with the state/county office. Durable power of attorneys are common incases of care giving, especially in case of a person who has achieved old age, is mentally/physically ill or disabled.

Q:By legal power of attorney, what rights does a holder of the power of attorney have?

A:Power of attorney has been given the following rights: buy and sell property, manage real estate, disclaim interests to avoid estate taxes, enter safety deposit boxes, handle banking transactions, maintain and operate business organization, settle claims, make transfers of any kind, revise business interests, file tax returns, handle government matters related to business, manage insurance, and file law suits. From these points it is obvious that with transferring a power of attorney, one is granting a large proportion of decision making authority to another.

Q:What information is required in a power of attorney template?

A:Power of attorney forms and templates cover important information such as the following: name of person granting power of attorney, name of transferee, signatures, responsibilities and expectations, restrictions on powers, interpretation by government, alternate attorney in fact, revocations, and third party reliance. A power of attorney can be oral or written. It is a legal instrument that gives authority to another person to act as a principle agent on behalf. Power of attorneys can also be limited, specific, and general.

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