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Power Of Attorney, Power Of Attorney
by Kent Pinkerton
The Oxford dictionary defines a Power of Attorney as “the authority to act for another person in specified legal or financial matters”. In other words, granting someone a power of attorney empowers that person to manage your financial or legal affairs within defined boundaries. The person authorizing the other to act is the “Principal” and the one authorized to act is the “Agent” or “Attorney In Fact” (AIF). The Power of Attorney may be verbal–such as requesting someone to sign your name on a document–or it may be done in writing. However, institutions such as banks require a power of attorney to be in writing before they will honor it, and they usually request the original copy. When appointing an AIF, the principal should authorize someone he trusts implicitly. The Power of Attorney must be drafted keeping state law requirements in mind; most people use an attorney for this chore, while others prefer doing it themselves with the aid of a fill-in-the-blank form.
It is crucial to define the extent of the Power of Attorney. The powers might be very restricted, such as granting someone the authority to sell your car or a piece of land while you are overseas. Or, the powers might be very broad, such as the power to buy and sell your property, lend and borrow money in your name, and so forth. The principal must determine if the Power of Attorney will take effect immediately or when something prevents him from acting himself.
Some official procedures should be observed in keeping with the principal’s interests; the Power of Attorney must be signed in front of reliable witnesses, notarized, and recorded in court. In some cases, the Equal Dignity Rule comes into play; according to this rule of law, if you give someone your Power of Attorney to sign the papers to sell your property, and the law requires that signature on the legal document to be notarized, then your Power of Attorney authorizing that agent to sign the deed must be notarized, too. Power Of Attorney provides detailed information on power of attorney, power of attorney forms, medical power of attorney, limited power of attorney and more. For more information go to http://www.i-powerofattorney.com and/or visit its affiliated site at http://www.e-cerebralpalsylawyers.com for related information.
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Power Of Attorney, Limited Power Of Attorney by Kent Pinkerton Approximately 321 Words
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Power Of Attorney, Durable Power Of Attorney by Kent Pinkerton Approximately 337 Words
You may want to try these websites for additional information
http://www.irs.gov/pub/irs-pdf/f2848.pdf
http://www.texmed.org/pmt/lel/legalmedurable.asp
http://www.irs.gov/pub/irs-pdf/p4245.pdf
The information provided in this article is the express opinion of the author. Exchangenet is not responsible for the content!
The Oxford dictionary defines a Power of Attorney as “the authority to act for another person in specified legal or financial matters”. In other words, granting someone a power of attorney empowers that person to manage your financial or legal affairs within defined boundaries. The person authorizing the other to act is the “Principal” and the one authorized to act is the “Agent” or “Attorney In Fact” (AIF). The Power of Attorney may be verbal–such as requesting someone to sign your name on a document–or it may be done in writing. However, institutions such as banks require a power of attorney to be in writing before they will honor it, and they usually request the original copy. When appointing an AIF, the principal should authorize someone he trusts implicitly. The Power of Attorney must be drafted keeping state law requirements in mind; most people use an attorney for this chore, while others prefer doing it themselves with the aid of a fill-in-the-blank form.
It is crucial to define the extent of the Power of Attorney. The powers might be very restricted, such as granting someone the authority to sell your car or a piece of land while you are overseas. Or, the powers might be very broad, such as the power to buy and sell your property, lend and borrow money in your name, and so forth. The principal must determine if the Power of Attorney will take effect immediately or when something prevents him from acting himself.
Some official procedures should be observed in keeping with the principal’s interests; the Power of Attorney must be signed in front of reliable witnesses, notarized, and recorded in court. In some cases, the Equal Dignity Rule comes into play; according to this rule of law, if you give someone your Power of Attorney to sign the papers to sell your property, and the law requires that signature on the legal document to be notarized, then your Power of Attorney authorizing that agent to sign the deed must be notarized, too. Power Of Attorney provides detailed information on power of attorney, power of attorney forms, medical power of attorney, limited power of attorney and more. For more information go to http://www.i-powerofattorney.com and/or visit its affiliated site at http://www.e-cerebralpalsylawyers.com for related information.
These articles on lifestyle and more
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Return to the selection of power of attorney
You may want to try these articles on power of attorney
Power Of Attorney, Limited Power Of Attorney by Kent Pinkerton Approximately 321 Words
Power Of Attorney, Medical Power Of Attorney by Kent Pinkerton Approximately 446 Words
Power Of Attorney, Specific Power Of Attorney by Kent Pinkerton Approximately 356 Words
Power Of Attorney, Power Of Attorney Forms by Kent Pinkerton Approximately 394 Words
Power Of Attorney, Real Estate Power Of Attorney by Kent Pinkerton Approximately 336 Words
Power Of Attorney, General Power Of Attorney by Kent Pinkerton Approximately 338 Words
Power Of Attorney, Durable Power Of Attorney by Kent Pinkerton Approximately 337 Words
You may want to try these websites for additional information
http://www.irs.gov/pub/irs-pdf/f2848.pdf
http://www.texmed.org/pmt/lel/legalmedurable.asp
http://www.irs.gov/pub/irs-pdf/p4245.pdf
The information provided in this article is the express opinion of the author. Exchangenet is not responsible for the content!