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By Simon Volkov
A power of attorney template is a preformatted form that lets people fill in the blanks to create a legal document. These documents are used to give permission to a person to engage in tasks or make decisions on your behalf if you are unable to do so.
Making use of a power of attorney template makes the process of creating the document much easier. However, it’s important to note that many of the templates offered for free via the Internet tend to be outdated and may contain erroneous information. It’s always a good idea to have a lawyer review completed documents to make certain they are legally binding.
Several kinds of power of attorney documents are used. The most common include: Limited, Medical, Durable, General, and Special. While uses vary, each grants authority to conduct activities described within the document or allowable under state law. Each kind has to be signed by witnesses in front of a notary public.
The person creating the document is referred to as the Principal, while the person receiving powers is the Agent or Attorney-in-Fact. Agents can be relatives, good friends, business partners, realtors, lawyers, and tax accountants, to name a few. Agents need to be of legal age and should be capable of performing required duties without hindrance.
Agents are only authorized to perform the transactions described in the power of attorney form. General and Durable POA grant broad privileges which allow agents to conduct most any kind of financial transaction the Principal would do.
Both of these POAs are often utilized with estate planning. Both can be beneficial to individuals that own a business, real estate, or financial investments, or have bills that need to be paid. Providing agents with authorization to manage personal or business finances ensures financial affairs will be taken care of in the event of the Principal’s absence.
Limited and Special power of attorney are very similar. These documents grant permission for agents to conduct specific duties. This could involve managing the Principal’s bills while away on business or receiving healthcare treatments. It could also involve giving permission for agents to speak with government organizations such as Medicare or the Internal Revenue Service to resolve issues.
Once duties are finished, agent privileges are revoked and the special power of attorney document is null and void. A new POA form has to be executed if the Principal requires agents to conduct additional duties. Additionally, Principals can revoke powers at any time by executing a revocation of powers form.
Medical power of attorney is used to authorize agents to make healthcare decisions. Agents aren’t involved until the Principal’s physician files an incompetency statement. This usually occurs when individuals are in a coma; have sustained a serious brain injury or stroke; or undergoing medical treatments that render them incapable of making sound decisions.
Medical POA is also utilized to give child caregivers permission to seek emergency care for children under the age of 18. Most daycare centers provide these forms to parents upon enrollment. It’s also important to establish this form for home daycare providers and private nannies.
Since children under 18 aren’t allowed to make healthcare choices without parental consent, caregivers need to obtain written consent in the form of a POA. Although doctors are allowed to provide life-saving treatment they cannot continue with other forms of medical care without parental consent.
The only way any person can conduct transactions requiring legal authorization is to establish the correct type of power of attorney template. To simplify the process, people can make use of online legal services like Nolo and LegalZoom, or retain services from a lawyer.
About the Author: Making use of a
power of attorney template
makes the task of creating legal documents easier. Using the correct POA form is vital to ensure duties can be performed in your absence. Learn about the different types of documents and their uses from financial expert, Simon Volkov at
SimonVolkov.com
.
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