A power of attorney form has to be executed whenever a person needs to authorize someone to act as their agent for financial transactions or making medical decisions. These documents are typically used with estate planning and are important for anyone that owns real estate, financial investments, or a business.

The sort of power of attorney form that is used depends on the duties agents are charged with. For example, a limited power of attorney is used to provide agents with powers to conduct specific tasks, while durable power of attorney lets agents take care of a variety of financial transactions.

For these documents to be legally binding requires witness signatures, along with a notary public stamp and signature. POA forms need to include details about the duties involved. Each should include specific legalize that describes the people involved.

The individual that is granting privileges to another person is referred to as the Principal. The person authorized to handle the Principal\’s affairs are known as Agents. The term Attorney-in-Fact is often used to describe agents.

A good approach for arranging power of attorney is to work with a lawyer. Legal professionals can offer guidance regarding which POA form is best suited for the task. Furthermore, they can draft the forms and remit to the courts if necessary.

Another option is to buy preformatted power of attorney forms through office supply stores or legal forms sites such as Nolo.com. When using preformatted forms it can be helpful to have a lawyer review the document to make certain it will hold up in court if legally challenged.

A final option is to make use of online legal service companies such as LegalZoom. Individuals only need to fill in the blanks and print out the form. Although a fee is involved it is oftentimes less than the expense of hiring an attorney.

One of the most important POA forms is the medical power of attorney. This form authorizes the agent to make medical decisions based on the Principal\’s written and verbal requests. Agents are not involved with making decisions unless the Principal\’s physician files a statement of incompetency.

Setting up medical POA offers benefits to everyone, but is especially important for people that do not want to receive certain types of treatment such as life support or nutritional feedings.

Limited power of attorney is used to empower agents to conduct specific duties in a certain amount of time. Limited POA is commonly used to let agents prepare a tax return for the Principal; perform banking transactions such as writing checks or depositing funds; and to buy or sale real estate. Agents are only permitted to engage in the transactions outlined in the POA form. Once they complete the transaction their powers are revoked and the form is voided.

General power of attorney gives agents sweeping powers which allow them to engage in any kind of transaction the Principal can perform. Powers can be used to manage the Principal\’s personal or business finances, business operation, investment accounts, real estate, or to act as a mediator to resolve legal or tax issues.

Durable power of attorney is comparable to general POA because agents are permitted to perform a multitude of transactions. The primary difference is POA privileges remain in effect after the Principal passes away.

Principals can revoke privileges at any time by creating a revocation of power of attorney form. If the original POA had to be filed through the court, the revocation form also has to be filed to become effective.

Executing a power of attorney form is one of the best ways to safeguard finances and maintain control over medical choices. Simon Volkov is a probate liquidator and real estate investor who explains how easy it is to setup POA forms, along with their uses at www.SimonVolkov.com.

Executing a power of attorney form is one of the best ways to safeguard finances and maintain control over medical choices. Simon Volkov is a probate liquidator and real estate investor who explains how easy it is to setup POA forms, along with their uses at http://www.SimonVolkov.com.

Author Bio: Executing a power of attorney form is one of the best ways to safeguard finances and maintain control over medical choices. Simon Volkov is a probate liquidator and real estate investor who explains how easy it is to setup POA forms, along with their uses at www.SimonVolkov.com.

Category: Finances
Keywords: power of attorney form,general power of attorney,durable power of attorney,medical power of attorney