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You're only four easy steps from getting your custom, signature-ready General or Limited Power of Attorney:
1. In the table below, enter the information specific to your Power Of Attorney.
2. Use your credit card to pay $14.95 for the custom-tailored document.
3. Print the document that is immediately emailed to you.
4. Sign the document before a notary public and breathe of sigh of relief--you've taken care of your affairs!
WHAT IS THE DIFFERENCE BETWEEN A DURABLE AND SPRINGING POWER OF ATTORNEY?
DURABLE POWER OF ATTORNEY
In a Durable Power of Attorney the Principal gives the Agent immediate powers over the Principal's property. This means that Agent can immediately make important decisions about the Principal's property as soon as the Power of Attorney is signed. The Agent's power continues until the Principal revokes the Power of Attorney or dies. The Power of Attorney continues to be effective even if the Principal becomes mentally incapacitated. Because the Power of Attorney remains effective even after the Principal's incapacity, it is considered to be "durable."
A Durable Power of Attorney is appropriate where the Principal anticipates needing someone else to manage his or her affairs in the near future. This is commonly the case where an elderly parent is going into a nursing home and needs to appoint a grown child to manage the parent's home and bank accounts. A Durable Power of Attorney is also a very handy document for spouses to sign for each other. The document allows each spouse to act for the other concerning any separate property they may own.
SPRINGING POWER OF ATTORNEY
In a Springing Power of Attorney, the Principal gives the Agent all of the same powers over the Principal's property, but those powers do not become effective until the Principal becomes mentally incapacitated. This means that even though the Principal has signed the Power of Attorney, the Agent cannot exercise those powers until the Principal is mentally incapacitated. Usually, mental incapacity is defined as the inability to comprehend and manage one's affairs. A good Power of Attorney requires that two physicians must certify in writing the Principal's mental incapacity. Because the Agent's powers "spring" into existence upon the disability of the Principal, this type of Power of Attorney is called "Springing."
A Springing Power of Attorney is appropriate where the principal does not anticipate losing mental capacity in the immediate future and does not anticipate the need for anyone to manage his or her affairs for any other reason, such as an extended vacation. The Springing Power of Attorney allows the Principal to name someone now in case those unlikely events occur, but without having to worry about the Agent having such broad authority until the event occurs.
What is a Notary Public?
"Notary Public" is a fancy term for a person who has been authorized by a governmental agency to authenticate signatures. To sign your Power of Attorney before a Notary Public, simply need take picture identification to your local bank and ask to have a notary public "notarize" your signature. The Notary Public will ask to see your picture identification and will watch as you sign the document. Then, the Notary Public will stamp and date the Power of Attorney form.
Although not every state requires that Powers of Attorney be notarized, it is always a good idea to do so. The simple reason is that the clerks at most commercial third parties such as banks and governmental agencies feel more secure when they see the Notarial Seal on your document. They think it's more "official" looking, even though it may not be required.
Who is the Principal?
In a Power of Attorney form, the Principal is the person who is granting authority to another person, known as the Agent or "Attorney-in-Fact." The Principal signs the Power of Attorney form, gives the form to the Agent, and the Agent is authorized to do whatever the Principal him or herself could do as set forth in the Power of Attorney form. Although not every state requires that Powers of Attorney be notarized, it is always a good idea to do so. The simple reason is that the clerks at most commercial third parties such as banks and governmental agencies feel more secure when they see the Notarial Seal on your document. They think it's more "official" looking, even though it may not be required.
What is the Agent?
In a Power of Attorney form, the "Agent" is the person who is receiving authorization from the Principal to make certain decisions and take certain actions. The Agent can be any adult. The Agent should be a higly trustoworthy person because the Agent will have absolute power to exercise the authority granted by the Power of Attorney document. The term "Agent" has the same meaning as "Attorney-in-Fact." Most modern Power of Attorney documents use "Agent" because it is simpler to understand.
What is the Successor Agent?
The "Succesor Agent" can be considered the back-up if the first choice Agent cannot serve for some reason. For example, If the first choice agent dies, becomes mentally disabled or simply decides he or she doesn't want to be the Agent, then the successor Agent can automatically step in without having to revoke the first Power of Attorney and draft another one. While it is often helpful to name a successor Agent your Power of Attorney, it is not necessary.
The General Power of Attorney Grants Broad Powers.
A General Power of Attorney gives the Agent broad powers over all of the assets of the Principal, including the right to buy and sell property, access private records, use and dispose of personal property and essentially do anything with the Principal's property that the Principal herself could do. A General Power of Attorney can be either Springing or Durable.
The Limited Power of Attorney Grants Specific Powers.
A Limited Power of Attorney gives the Agent very specific powers. Usually this form of Power of Attorney is used to authorize the Agent to take a specific action, such as accept an offer to buy the Principal's house, use the Principal's car, or write checks out of one of the Principal's checking accounts. The Limited Power of Attorney is helpful when the Principal wants to restrict the Agent's authority to a very narrow circumstance. A Limited Power of Attorney is also referred to as a "Special" Power of Attorney and can be either Springing or Durable.
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