Presentation on theme: "A power of attorney (POA). A Power of Attorney is a legal instrument that is used to delegate legal authority to another. The person who signs (or executes)"— Presentation transcript:
A power of attorney (POA)
A Power of Attorney is a legal instrument that is used to delegate legal authority to another. The person who signs (or executes) a Power of Attorney is called the Principal. The power of Attorney gives legal authority to another person (called an Agent or Attorney- in-Fact) to make property, financial and other legal decisions for the Principal.
A Principal can give an Agent broad legal authority, or very limited authority. A Power of Attorney can be either for all purposes ("General") or for a specific purpose ("Special" or "Limited").
The statute confers at least the following powers to the attorney-in-fact: To lease, purchase, exchange, and acquire real or personal property. To make banking transactions. To have access to safe deposit boxes and vaults. To conduct any business operating transactions. To exercise or perform insurance transactions. To do all acts necessary for maintaining the customary standard of living of the principal. To prepare any social security or unemployment insurance documents. To prepare any and all types of tax returns and documents. To employ agents such as legal counsel, accountants, or other professionals.
Duration of Power of Attorney It will automatically come to an end on the incapacity, bankruptcy or death of the principal or the agent. Many limited Power of Attorney are limited in duration (a specific date / the occurrence of a specific event). A durable Power of Attorney comes to an end only when the principal dies. The principal may also revoke a Power of Attorney at any time so long as he is mentally competent to do so.