Power of Attorney

A power of attorney is an estate planning tool that allows a chosen individual to handle your financial affairs, for example signing contracts, purchasing and selling land, purchasing and selling a vehicle, or signing tax and bank account records. The powers of the designated person (the individual given the power) may be narrow or wide relying on the language of the document. Since a power of attorney report permits one individual to act in the lawful capacity of another person, it is a very powerful document and should be composed by a skilled and knowledgeable estate planning attorney.

General Power of Attorney

A general power of attorney gives the agent a number of powers to act for sake of the principal. A particular list of the sorts of acts the agent is permitted to perform has to be included in the document. A general power of attorney ends if the primary becomes debilitated.

Limited Power of Attorney

A limited power of attorney allows the agent to have restricted power to do a certain act. A limited power of attorney ends if the primary (creator of the power of attorney) becomes incapacitated.

Durable Power of Attorney

A durable power of attorney can stay in effect despite the fact that the maker becomes debilitated. There must be certain dialect inside the document in order for the power of attorney to stay effective after incapacity. Durable power of attorney documents are more common.

A legitimately executed power of attorney document must be signed by the principal in the vicinity of witnesses. It is required that the document be notarized and the principal must be of sound mind.

In the event that you or a loved one are contemplating drafting estate planning tools, for example a power of attorney, or you might like additional information, please contact Winston Law, P.A. at (561) 670-9375 or susan@winstonlawpa.com for your free consultation.