You as an individual and principal must in creating a power of attorney give someone else the power to make decisions on your behalf. They will be the attorney-in-fact or agent, which is the person who will be sure to carry out your wishes. A power of attorney specifically outlines the powers that you allow an attorney-in-fact to have. They can be very limited or extensive such as giving the power to your attorney-in-fact to do specific tasks. This is called a limited power of attorney. The powers can be broad and enable your attorney-in-fact to have the ability to sell your property, Take loans in your name, and handle lawsuits or whatever you wish. There are some few exceptions as the right to get married or vote. As an individual and principal you can grant unlimited power known as a general power of attorney.
The attorney-in-fact generally can only carry out an action if the individual and principal can exercise the same power. This stops the attorney-in-fact from acting when the principal is incapacitated. If an individual is unable to sign a contract the attorney-in-fact is also unable to sign a contract for the principal. But if you have a Durable Power of Attorney the attorney-in-fact is allowed to execute the powers granted by the principal even after the principal becomes ill. At the Time of Death A Power of Attorney Ends Whether you have a Durable Power of Attorney or you do not, at the time of death all power of attorney ends. If the individual and principal has granted attorney-in-fact rights to perform certain tasks, upon death all those rights are terminated. How A Power of Attorney is Revoked As long as you are alive you have the power to revoke the power of attorney. To revoke the power of attorney you must contact your attorney-in-fact that the power of attorney has been revoked. You can also detail at what date the power of attorney will expire.
A Springing Power of Attorney A power of attorney can be designed to spring into effect if you become disabled or at some predetermined time or event. This is a springing power of attorney. The springing power of attorney prevents your attorney-in-fact from using the powers while you are able to take care of them yourself. The attorney-in-fact must prove that the individual where your powers are concerned is in fact disabled and can not perform the tasks needed. You will need a written document from the physician or hospital that you are incapacitated. It should be a current document and not several days old or it could be questioned as to whether you are still ill or disabled. So to save yourself, added turmoil, and be required to furnish a more current document take care of it the same day.
Instant Power of Attorney Your powers of attorney can become effective immediately, as soon as it is signed, This is the type of power of attorney people use when they will be in another country for a long period of time and will not be available to handle such matters. It is generally a durable power of attorney that will expire in one year. You can also have provisions built into the powers of attorney will you can extent it. If you become incompetent or ill when the power of attorney expires, and you’re attorney-in-fact or agent, will need to go before the court to get approval to continue.
By: Jeffrey Broobin