You can name more than one attorney-in-fact if you believe that different people will better handle certain decisions or transactions. You may also name a fiduciary, such as an accountant, lawyer, or other professional as your attorney-in-fact if you wish.
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.
You should consider having a POA if: You travel out of the country often. You are employed in a hazardous work environment. You have been diagnosed with a serious illness. You have business or property that you would want maintained if you were unavailable. You have children that would need to be provided for if you were to become incapacitated. You want a specific person to be responsible for your affairs. You have rules about how you run your business, property, or life, and you want to ensure they are upheld. You are approaching old age and would like to designate a representative for yourself.
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.
letter of attorney