The Power of Attorney in Lifetime Planning
The power of attorney is surely an important aspect of lifetime planning. These are documents that provide another person or group of people the authority to work or act in your stead. This power to act is normally confined to an act or activity, for example, stopping your home’s sale or in some cases, it might be general, in which case, it would give another person or group of persons the mandate to do things on your behalf. It might be for an immediate purpose or something to be done in the future.
What is called the “springing” Attorney’s power forms an important part of the latter. It can offer an immediate, permanent, or a recurring authority to persons to act in your stead. The power of Attorney might be withdrawn, and concerning this, a lot of states would demand a notice put in writing, showing the person selected to act in your stead.
The selected individual or group that is to represent you in a Power of Attorney is called an “agent” or can be referred to as an “attorney-in-fact”. These agents or agent could act on anything that is spelled out in the document. In order for the power to be invoked, your agents or agent would have to give the real document. For instance, if you are to sell an automobile and it happens you have a agent to do it for you, then the department of vehicles would need the Power of Attorney to be presented for anything to be honored. In the same vein, agents or an agent acting on your behalf to either buy or sell a property would have to give the Power of Attorney to the title agency. Closing of bank accounts or sale of securities have the same legal implications. In the case of signing of a check on your behalf, the Power of Attorney is not needed.
What would happen for somebody to decide to give another person such an authority? There’s an appropriate answer. If you happen to deal in assets and might want to deal in person, the Power of Attorney would be of help. An equally important reason to use Power of Attorney is to make sure that you do business normally when you are absent. For example, you might be on a long journey, an accident, or you might be sick.
In case you’ve not acquired a Power of Attorney and would need one in future, even in emergency, the law courts are obliged to get you one. Based on the kind of law your state operates, this representative or groups might be referred to as conservators, guardians, or even committees. In case there’s an intervention, thus a court proceeding, is required, you are not obliged to choose your own agent. That’s different when you have a Power of Attorney, because you’ll be able to decide who acts in your stead.
In case you change town or state?
In a Power of Attorney, once everything is documented, it doesn’t matter where you go, it is still valid. Though you shouldn’t go about registering for a different Power of Attorney, it’s always advisable to update it when you move.
Is there an expiration date for my Power of Attorney?
There were times that you needed to renew your Power of Attorney continuously to be able to use it in many states. Nowadays, there are a lot of states that do not have this provision and you can use your Power of Attorney till you die. It’s however good to constantly seek advice from your lawyer to know if your current state still requires a Power of Attorney, as well as get abreast with the current laws governing Power of Attorneys in your state.
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