A power of attorney is a document by which a person designates someone else to act on his or her behalf. It is a powerful document and must be treated as such. The person who signs the power of attorney appoints another person as his or her agent.
Can I Appoint More Than One Person?
Sometimes, you might wish to appoint two or even three agents. If you do so, you can authorize the multiple agents to act separately or together. It is almost never a good idea, in my view, to authorize them to act separately.
What Is A "Durable" Power Of Attorney?
A durable power of attorney is a power of attorney that remains effective even if a person becomes disabled or incompetent.
Can A Power Of Attorney Be Used For Medical Decisions?
A power of attorney does not authorize medical or health care decisions.
How Long Does A Power Of Attorney Last?
A power of attorney ends at the time specified in the power of attorney, or when it is revoked, or on the death of the person who assigned the powers.
What Powers Are Delegated In A Power Of Attorney?
You may delegate only very limited powers or you can delegate a wide array of powers, ranging from real estate transactions to banking matters, litigation, and even gifts, and many other kinds of transactions.
When Can I Revoke A Power Of Attorney?
You are free to revoke a power of attorney at any time (provided you are competent to do so).
But be aware that if your agent gives a copy of the power of attorney to a third party, revoking the power of attorney will not be effective as to that person until he or she receives actual notice that the power of attorney has been revoked.
Is A Power Of Attorney A Good Idea?
There are many advantages of a power of attorney. It is a cheap, easy, and effective method to delegate powers.
But there are disadvantages too. Chief among these disadvantages is that if you delegate powers, you will not have say as to precisely how the power of attorney is used. Make sure that you have absolute trust in the person you are appointing.