Power of Attorney
A power of attorney is an estate planning device that permits a designated individual to administer your financial affairs, for example purchasing and selling land, signing contracts, 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 upon 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 ought to be composed by a proficient and knowledgeable estate planning attorney.
Limited Power of Attorney
A limited power of attorney allows the agent to have restricted power to do a particular act. A limited power of attorney ends if the primary (creator of the power of attorney) becomes debilitated.
General Power of Attorney
A general power of attorney gives the agent a wide range of powers to act for sake of the principal. A particular list of the sorts of acts the agent is allowed to perform has to be inside the document. A general power of attorney ends if the primary becomes debilitated.
Durable Power of Attorney
A durable power of attorney can stay in effect regardless of 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 frequent.
A legitimately executed power of attorney document is required to 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.