: December 13, 2017 |
: Civil Laws
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What is a Power of Attorney?
A Power of attorney is a legal authorization to grant exclusive rights of making decisions on private affairs, legal matters and business to the agent or attorney-in-fact by the Grantor, Principal or Donor of the Power. Power of Attorney for Family and Children can be used by Parents to authorize a Guardian for taking care of their minor children for a specific period of time, after which if required, the attorney can be renewed. It can also be used to grant them the power and responsibility to take medical as well as various other decisions as required and granted by the Signatory parents.
Types of Power of Attorneys
Power of Attorneys can range from Special (limited), General and Temporary.
A Special power of attorney can be used to grant Special or limited rights and privileged to the Agent.
A General power of attorney can be used to grant all rights and privileges about personal and business decisions to the Agent.
A Temporary power of attorney is the one bounded by limited time frame after which it will get expired and can be renewed if required.
When can a Power of Attorney be created?
A Power of Attorney can only be created when the Grantor is in complete mental health and remains effective till the grantor remains in mentally stable. If due to any unavoidable circumstances, or due to any misfortune, the donor of power and rights loses his mental health stability, for example in an accident or due to some disease then the Power of Attorney and the power granted will no longer remain effective. In cases, where it is required to be effective even after such conditions, a durable Power of Attorney can also be created.
How to generate a Power of Attorney?
Power of Attorney forms are legal documents and as per the state you are living in, have different formats. To be able to create a legally valid Power of Attorney document, various online sites are available which provide power of attorney template to guide you on the same. As per the requirements and the power and rights to be granted to the agent by the principle, changes can be made to the used template.
How to execute a Power of Attorney?
To be able to execute a Power of Attorney, you would require to first generate one. To generate a power of attorney form:
1. Download basicpower of attorney form,
2. Enter the details required corresponding to the Principal as well as of the agent, include the details regarding the rights and power to be granted and the details about the respective subjects in question.
3. Ensure to add the time frame (from, to) for the duration for which the legal document will remain effective for your own protection and security. Whenever required, this document can always be renewed.
4. Suggest a Notary for cases where you would like the Power of Attorney to be effective in times of crisis. This will help and give the Attorney-in-fact to take actions when required.
5. Enter the date when you signed the document.
6. Sign as the Principal to finally authorize the Agent using the Power of Attorney.
Though not always but for some cases and to avoid the chances of any legal challenges, it is advisable to get this document reviewed and signed by a Notary public.
Power of Attorney holds a lot of active power and for that sole reason should be used with utmost care and safety. It should only be used to grant privileges to people who you can trust entirely without any doubt.