![]() ![]() Additionally, it is wise that the principal make copies and give it to other family members and their attorney to ensure they have proof that the contract was entered formed. At a minimum, both the principal and agent will need to hold copies of the contract after it has been completed. Once the form has been completed and all signatures recorded, copies of the POA will need to be distributed to all parties. When signing the contract, use an ink pen with either black or blue ink, with black ink being preferred.Ĥ. Many states require the presence of a Notary Public and/or one (1) or more witnesses in order for the form to be valid. The principal will need to complete any state-mandated signing requirements. Ensure any signing requirements are followed If the principal needs decisions made in more areas than just financial-related decisions, they should choose the correct types of power of attorney form for their situation.ģ. The principal will next need to complete a durable POA that is compliant with their state’s particular laws. State laws require them to perform their “fiduciary duty”, which is the official term for only making decisions with the principal’s best interests in mind. Not only should the agent be willing to act as the agent, they need to have a complete understanding of the responsibility in which they will be granted. Family members, close friends, and professionals can all be selected.ĭO NOT just write the agent’s name on the POA without consulting them first. In cases where the tasks required of the agent require a varying level of knowledge or skill, it’s very important that the chosen agent has the required experience to make qualified, informed decisions. The individual or entity chosen should be responsible, trustworthy, and reliable. The principal chooses their own agent to carry out the tasks and decisions in which they’ve requested. The process of obtaining a POA is relatively straightforward: The form contrasts with a General Power of Attorney, which is a type of POA that will cease to be effective in the case the principal becomes incapacitated. If (or when) the principal becomes incapacitated, the agent will be required to make critical decisions that are in line with any instructions the principal stated in the POA, as well as what they believe would be in the principal’s best interests. Thus, the form grants express permission for the agent to continue performing their duties to the principal regardless of the principal’s condition. ![]() The defining feature of the form is that it is “durable,” which refers to the fact that if the principal were to become incapacitated (a term for being mentally handicapped), the powers granted to the agent in the POA will remain in effect. A durable power of attorney is a legal form that gives a principal a formal, official means of stating how they would like their financial affairs to be handled by a principal (the person they elect to make the decisions) in the event they no longer can make the decisions themselves. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |