A Power of Attorney can be used for any adult individuals, but it needs to be notarized in order to be effective. Within these documents, the principal outlines exactly which powers they would like the agent to have. A principal can also appoint a secondary agent, should their agent be unable or unwilling to perform.
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.
This document can be used if someone is looking to appoint an agent to make financial decisions for them right now, or if someone would like to set up a document that is ready to go in case of incapacity. In this document, the principal or their representative will be able to enter pertinent identifying details about the parties. The person filling out the document will also be asked a series of questions to define exactly what types of authority the principal wants to give the agent.
The most important part of this document is the choice of agent. This person will be in charge of many financial assets once the principal sign sthe document. Generally, people select close family members, such as spouses or children, or long-time friends. However, any person whom a principal trusts to make the best decisions on their behalf can be chosen. Be aware that if the principal chooses a spouse and then later ends the marriage, the spouse s power will automatically terminate.
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