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TOP > LEGAL FORMS & DOCUMENTS > POWERS OF ATTORNEY
Do you want someone you trust to be able to make financial or medical decisions on your behalf, or handle transactions for you, in the event that you are unable to do so for any reason? You need to make a Power of Attorney appointing a family member, friend, advisor or business associate as your attorney or agent to handle your affairs and to make those decisions for you. These Power of Attorney forms are provided in MS Word format, are easy to use and to understand, and contain instructions to help you complete them.
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FREQUENTLY ASKED QUESTIONS
What is a power of attorney?
A power of attorney is a written document under which you can appoint another person to act as your agent (attorney) and on your behalf, with specific powers that you grant them. Your attorney’s power is automatically revoked if you die, otherwise you may revoke the power of attorney at any time. Powers granted under a power of attorney can be either general or special. In other words, a power of attorney can grant complete authority (a General Power of Attorney) or can be limited to certain acts and/or certain periods of time (a Limited or Special Power of Attorney).
What is the difference between a General Power of Attorney and a Limited Power of Attorney?
A General Power of Attorney gives your attorney the power to generally manage your assets and financial affairs for you as long as you are alive. You can appoint your attorney for a fixed period and revoke the appointment at any time, providing you are still legally capable of doing so. You can also set restrictions on your attorney’s powers if you wish. Your appointed attorney can only act on your behalf as long as you are still living. Upon your death, the executor you named in your Will takes over the administration of your estate.
A Limited (or Special) Power of Attorney is typically used to allow an agent to act on your behalf with respect to a specific business transaction, such as the purchase or sale of real estate or other property. It gives your attorney only very specific powers, such as signing legal documents. Typically, a limited power of attorney dealing with real estate transactions will need to be recorded in a title office or land registry.
What is a Durable Power of Attorney?
A Durable (or Enduring) Power of Attorney for property and financial matters is valid even if you become incapacitated and unable to handle your own affairs. A regular Durable Power of Attorney is immediate, in other words it becomes effective as soon as it is signed. A "springing" Durable Power of Attorney does not become effective unless and until you actually become incapacitated. Both types of Durable Power of Attorney remain valid and in effect until you specifically revoke or cancel the power of attorney or until you die (and your attorney-in-fact can still act on your behalf until actual notice of your death is received). Both types of Durable Power of Attorney allow your attorney-in-fact to deal with the financial and property matters you specify in the document, but does not allow your attorney-in-fact to make medical decisions for you. You may not want your attorney-in-fact to have authority over certain assets, such as your home. Upon your death, the executor you named in your Will takes over the administration of your estate.
If you wish to appoint an attorney-in-fact to make medical decisions for you if you are incapacitated, you will need to make a Durable Power of Attorney for Health Care.
Why would I want to grant someone else power of attorney over my assets and affairs?
If you travel frequently (or are away on military duty, extended vacation, etc) and have financial and/or business interests that need to be handled in your absence, or if you want to ensure that your affairs will be dealt with if you should become incapacitated, appointing an attorney will allow you to decide who will make legal, financial and medical decisions for you. The person or persons you appoint become your "attorney-in-fact", which means that they must make these decisions as if they were you.
Who should I appoint as my attorney-in-fact?
You can appoint anyone that you trust and that you feel will handle your affairs as you would handle them, if you were able. The only requirements are that the person must be an adult and must have the legal ability to enter into a contract. Your attorney can be a relative, a friend, an advisor, or you can name 2 or more persons to act together as your attorney. Before appointing an attorney, be sure to consult the person to make sure that they agree to act in this capacity. There is no legal requirement that anyone serve as your attorney if they do not wish to do so. There is also no legal requirement that your attorney be compensated for the services he or she renders, however, you might want to consider compensation, especially if your attorney’s duties are complicated and time-consuming.
Does a power of attorney have to be in writing and be notarized?
Yes. It must be in writing and your signature must be notarized and/or witnessed (according to applicable laws) to be effective. You cannot make a power of attorney unless you are of legal age, and of sound mind and capable of providing clear instructions to your attorney. The original of the document should be kept in a safe place. In the case of a "springing power of attorney" which becomes effective upon your incapacity in the future, the document must also be kept in a place that is known to, and is accessible to, the person(s) you appointed as your attorney. For example, your attorney-in-fact may have no way of retrieving the document if it is in your safety deposit box.
How can I revoke or cancel a power of attorney?
You can revoke a power of attorney by notifying your attorney-in-fact that you are revoking the power of attorney. Revocations are not always required to be in writing, however, for clarity’s sake, it is recommended. A simple 1-page form stating that you wish to revoke the appointment of your attorney will usually suffice. The form should be signed by you and your signature should be notarized. If the power of attorney involves your incapacity, you may want to have witnesses also sign the revocation document. You should then deliver the revocation notice to the attorney-in-fact and deliver copies to any person or business to which the attorney-in-fact may have presented the power of attorney. If the power of attorney involved a transaction for the purchase or sale of real estate and was recorded in a title or registry office, you should also record the notice of revocation.
The foregoing summary is provided for information purposes only and is not to be considered legal or business advice. The information may not be complete, accurate or applicable for any particular situation and should not be relied upon.
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