A Financial Power of Attorney allows you to name your business or personal agent, someone who will make decisions or take actions on your behalf if you cannot. Your business or personal agent will make sure that your wishes are communicated to and taken into account by other parties. If you are out of the country when you are closing a business deal, paying a professional to manage your assets, keeping a personal assistant to do all of your banking and errands, or allowing your child to travel with a family friend, you can grant an agent power of attorney to sign documents on your behalf and/or make decisions for you.
To choose an attorney-in-fact, you must consider your options carefully. Aside from your personal preferences, there are also legal requirements for who you select. Your attorney-in-fact may not: Be under the age of majority in your state. Currently be in a state of bankruptcy. Be the owner or employee of a care home where the principal resides or receives treatment.
If you decide you no longer want a Power of Attorney, you can take the following active measures to terminate it, provided you are still legally competent:
- Prepare a Revocation of Power of Attorney.
- Destroy the document.
- Follow any termination procedures detailed in the document.
Powers of Attorney in the United States are subject to the laws of individual states, so the document changes to conform to your particular state s laws. There is no overall federal law concerning Powers of Attorney, but there is a model Uniform Power of Attorney Act which many states have adopted, fully or partially.
letter of attorney
power of attorney