A simple POA will identify the following basic elements:
- Agent(s): a responsible and trustworthy person acting on your behalf.
- Principal: person assisted with personal, business, or legal matters.
- Grant of Authority: general or specific authority to take certain actions.
- Effective Date: when the the form effectively begins, usually immediately.
- Signatures: the Principal and a Notary must sign the document.
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.
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.
The principal will also be able to choose how they would like the Power of Attorney to go into effect - for example, if they would like it to start at a specific date and last through incapacity, if they would it only like to begin if they are incapacitated, or if they would like to have it start at a specific date but end in case they are incapacitated.