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.
A Non-Durable Power of Attorney is usually limited to specific situations and becomes effective immediately upon signing. It automatically ends when the specific situation is no longer in effect or when you die or become incapacitated. You can also rescind rescind it at any time.
A Power of Attorney form allows you to appoint another person to act on your behalf should you ever require someone to make short- or long-term decisions for you. On a Power of Attorney form, the person granting authority to another is the Principal. The person who is granted authority is called the Attorney-in-fact or Agent.
The powers that you can grant your attorney-in-fact include:
- Real Estate: To buy, sell, rent, or otherwise manage residential, commercial, and personal real estate.
- Business: To invest, trade, and manage any and all business transactions and decisions, as well as handle any claim or litigation matters.
- Finance: To control banking, tax, and government and retirement transactions, as well as living trust and estate decisions. Financial powers also allows your representative to control personal insurance policies and to continue donating to any charities in your stead.
- Family: To purchase gifts, employ professionals, and to buy, sell or trade any of your personal property.
- General Authority: This grants your personal attorney the authority to make any decisions that you would be able to if you were personally present.
general power of attorney