How To Have Power of Attorney

Having power of attorney means that you are the legal representative of a particular person and can act on his or her behalf on certain decision regarding finances or property. A power of attorney is very practical if the person you are representing is incapacitated or does not have the ability to make sound decisions. Sometimes, people sign a power of attorney to give other people the responsibility of making the decision instead. These being said, if you have been given a power of attorney to act in behalf of a particular person then know that it comes with some responsibilities. Here are some tips on how to properly get a power of attorney.

  • Know what comes with the power. Basically, once someone signs a power of attorney making you the legal decision maker for a property or financial investment, you are actually given the power to make the decisions without consulting the owner of the particular property or investment. Now, you may actually handle this power with some dignity and honor, some people tend to abuse the power by making decisions with a personal agenda in mind. On that note, it is imperative that if you are given this type of legal power that you exercise it wisely and honorably. Remember, with great power comes great responsibility; quoting Spiderman seems pretty apt today.
  • Know what type of power of attorney you will get or have. Typically, there are two kinds of power of attorney. The most common type is the single transaction power of attorney otherwise known as temporary. This power of attorney specifically limits your legal authority over a specific transaction or asset. On the other hand, the continuous or lasting power of attorney means that you have legal authority to handle, distribute, or sell each and every asset in a particular estate. This second type is quite common when it comes to distributing assets should a person become deceased. The will along with a signed power of attorney will be given to a person that is tasked to handle everything stated and specified on the will.
  • Know what you need to get a power of attorney. First off, you will need the actual permission and go ahead from the person. He must be willing to transfer the authority to you. If yes, then you will need to draft and have him sign a power of attorney. The document is pretty much standard in form however, small bits of the content can be edited to reflect the limitations of the authority given to you. You can follow a strict format or can download a template of the form that you can simply fill up and sign. Once signed, it needs to be notarized to become legally official.
  • Know that the power can be taken away from you. A power of attorney can be revoked. For instance, if the person sees that you are abusing the power given to you or realize that your services as legal representative is not necessary anymore, then he revoke the power of attorney anytime.

Aside from these know-hows, you may want to know that you need not be a lawyer or actual attorney in order to get a power of attorney. Any person for can use the document as long as his or her name is perfectly stated on it.


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