Power of Attorney Template
A power of attorney template makes executing this legal document easy and affordable. All that is required is to fill in the blanks, obtain signatures from two witnesses, and have the form notarized. In certain situations, forms need to be filed and recorded through courts.
Obtaining a power of attorney template is as simple as downloading the form to your computer. Numerous websites give away templates, while others charge a nominal fee. Printed forms can be purchased at office supply stores and many word processing programs include power of attorney forms.
Although it's not necessary to hire a lawyer to draft power of attorney forms, certain situations may call for legal counsel. If you're in need of a durable power of attorney to authorize someone to manage your business or control personal finances, you might want to talk a lawyer.
Durable power of attorney grants considerable powers to your agent and lets them engage in nearly all types of financial matters including investments, real estate, business, banking, insurance, paying bills, and buying, selling, or trading assets.
Durable power of attorney privileges become effective when a physician declares you to be incompetent. This could stem from an accident that has left you in a coma, to having a life-threatening or terminal illness that prevents you from being able to take care of basic needs. Privileges remain effective until a physician declares you are competent or until death.
General power of attorney is similar to durable POA in that it grants widespread powers. However, your agent can engage in tasks regardless of your health status. This type of POA form is often used when people travel frequently and to authorize an agent to manage their business.
If you just need to authorize your agent to conduct a specific transaction you'll want to use a special power of attorney template. This POA form is often used when authorizing a person to sell an automobile, boat, RV, or motorcycle, as well as engaging in real estate transactions.
Also, known as a limited power of attorney, this document only grants privileges to the agent for a specific task and timeframe. When POA forms are used for real estate transactions they usually have to be recorded through local courts.
Special power of attorney can be durable or non-durable. Durable POA become effective immediately and remain in effect until death. If you decide to revoke privileges a revocation form has to be filled out. If the durable POA was recorded through the court, the revocation form also has to be recorded.
The medical power of attorney template is one of the most popular uses of POA forms. This document lets you choose a person to make health care decisions on your behalf if you are not able to communicate your desires.
It's vital to choose an agent that is capable of making difficult decisions based on your wishes. There could be instances where the agent will have to demand your care be turned over to another physician or refuse certain types of medical procedures that you have stated you do not want.
The agent for medical POA has to be someone you can count on to stand up for your rights. It's not an easy job, so it is always wise to talk with the person you want as your agent before designating them within the POA.
Regardless of the type of power of attorney template you need, if you're using downloaded forms always read the fine print and eliminate verbiage that is unrelated to your situation.
Oftentimes, the templates provided at no charge are outdated or contain information that doesn't pertain to your state. You might find it more advantageous to buy power of attorney templates from Nolo.com or use a service provider like LegalZoom.
At Simon Volkov, we provide an extensive article library covering topics of estate planning, personal finance, and investing. Here you'll find additional details of each kind of power of attorney template and its uses, along with the privileges each provides to your chosen agent.