Should the person appointed as the power of attorney necessarily be an attorney? Well, it is definitely a no. The person can be a trusted family member, a friend, or a close acquaintance. He or she has the power to act and has an authority, which may be legal or limited, to make legal decisions for another person. This can be done through a certain legal document called power of attorney.
In this article, presented are various templates and examples of power of attorney that you can refer to.
To give broad authorizations to the agent, you may refer to this kind power of attorney, the general power of attorney. A general power of attorney gives broad authorizations to the agent including making legal decisions, legal choices, and even financial or business decisions, such as buying and selling real estate or shares for the principal and operating their bank accounts.
Give your designated person, your power of attorney, the broad powers to handle your finances and property, including the power to encumber, sell, or dispose of real or personal property, through an unlimited power of attorney. This does not mean that you are giving up your rights to control your finances and property; you are only giving another person those powers to handle them in addition to your own powers and rights.
This document allows you, the principal, to change your mind about who you want to act on your behalf as a power of attorney. Given that a principal is the one who creates the power of attorney, you can also revoke or cancel the power and authority granted to the agent through the revocation of power of attorney form.
A package of subscription form and power of attorney is a great starter kit if you want to authorize and give legal powers and authority to another person to act on your behalf, such as managing your business when you are ill, taking care of your responsibilities while you are away, and managing your financial obligations.
If you want to grant someone the power to act on your behalf up to the extent when you become mentally incapacitated, a durable power of attorney is the most suitable document that you need. A durable power of attorney stays in effect even if you are unable to handle certain matters on your own.
In order to authorize a trusted person to act on your behalf even after you are no longer mentally capable of making financial decisions, you need this document called continuing power of attorney. The agent may pay your bills, purchase items for you from your account, make a loan, and safeguard your valuable except sign your will.
In the event that you are unable to make decisions about all aspects of your health care, you can designate a person to make medical decisions on your behalf. All you need is a power of attorney for health care. Basically, this document merely states that you want the agent to make decisions about your health care if you are unable to do so.
Here is another example of health care power of attorney that you can refer to in case you need someone to make health care decisions for you in the event that you are unable to make those decisions yourself.
This basic power of attorney form, just like the general power of attorney, provides the trusted person, the agent, to act on behalf of his or her principal or make legal decisions especially regarding the financial aspects of the principal’s life.
Unlike other kinds of power of attorney, an enduring power of attorney authorizes one to act on someone else’s behalf for legal and financial matters which can continue in force even after the principal loses his or her mental capacity. Hence, even without the need to apply to the Court of Protection, the agent can still manage the affairs of the principal who lost the ability to deal with his or her own affairs.
With a financial power of attorney, the agent will be able to handle the financial transaction on behalf of the principal. This can be used for a single transaction, such as closing a real estate deal, or even for mundane and complex tasks, such as sorting through your mail, depositing your checks, filing your tax returns, and watching over your investments.
The State of Ohio has their specific power of attorney form that can really help when you want a document to refer to for your power of attorney. Similar to the basic power of attorney, this provides authority or right to a trusted person, the agent, to act on behalf of the principal.
A limited power of attorney allows an agent to act on behalf of another person, but there is a restriction to the scope of the agent’s activities, such as limiting to only a single field of activity, for example, handling of investment.
A durable power of attorney is a document that sets out your wishes for your health care in the event that you are too ill or injured to speak for yourself. The agent will work with the health care providers to make sure that you get the medical care that you wish to receive and is legally bound to follow your treatment preferences.
A durable power of attorney allows one to manage the finances of the principal if he or she will become incapacitated and unable to make financial decisions. The tasks of the agent include paying the bills and taxes, investing on behalf of the principal, and managing the principal’s assets.
After reading this article, we do hope that, apart from getting the best power of attorney templates and examples, you have learned something from those various power of attorney documents presented above. Through those documents and templates, you can now create and establish a power of attorney on your own.