You can give Powers of Attorney to two or more people at the same time, or you can name a second agent to take over under specified circumstances such as the death of the first agent. But before giving Powers of Attorney to more than one person at the same time, it is worth considering whether confusion or conflict is likely to result.
It is probably wise to discuss the potential advantages and disadvantages and ways to address the disadvantages with a lawyer before giving Powers of Attorney to more than one person. If you want to give an agent the power to sell land, or to transfer or encumber title to land in some other way, the Power of Attorney must be signed in front of a notary, who must note that you signed it voluntarily for the purposes mentioned in it. The Power of Attorney must also have the following language in bold type at the top of the first page:.
If you are using the Power of Attorney for a real estate transaction, it must be recorded in the office of the Recorder of Deeds before or at the same time as the deed to the property being bought or sold. A copy of the Power of Attorney will be made for the public record, and the original will be returned to the person submitting it.
If no land is going to be dealt with, it is not legally necessary to sign a Power of Attorney in front of a notary or to have it recorded, but notarization may still be wise. Some institutions or individuals may doubt the validity of a Power of Attorney that has not been notarized and may refuse to honor it. This is called revoking the Power of Attorney. To revoke a Power of Attorney, you should give a signed written notice to the agent and, if possible, to anyone who has been relying on the Power of Attorney.
If the Power of Attorney has been recorded for the purpose of allowing an agent to buy or sell real estate for you, you should also record the signed written notice revoking the Power of Attorney in the office of the Recorder of Deeds. The notice should include the instrument number and date of the original recorded Power of Attorney.
Ordinarily, an agent with a Power of Attorney acts without any court supervision. However, a court can be asked to consider certain issues relating to a Power of Attorney.
The request can be made by you, the agent, or certain other interested individuals. A court may, for example, decide whether a third person must honor a Power of Attorney, it may order an agent to give an accounting to you or to a third party, or it may interpret or modify the Power of Attorney or remove the agent.
There is no legal requirement that a Power of Attorney be prepared or reviewed by a lawyer. However, if you are going to give important powers to an agent, it is wise to get individual legal advice before signing a complicated form.
A person who signs a Power of Attorney without fully understanding what it means, and without considering risks and alternatives, is asking for trouble. Click here for a list of legal service agencies that may be able to help you. If you do not qualify for free legal assistance, lawyers who work with wills and probate, or who refer to their area of practice as "elder law" should be knowledgeable about Powers of Attorney. It is best to have a Power of Attorneytailored to your individual needs.
It should give only those powers you want to give, and should go into effect only under the conditions in which you want it to. If you do not understand anything in the form below, you should speak with a lawyer before signing it. Click here for a sample Power of Attorney form. Be aware that each bank has its own registration process, so the steps may below may not apply in all cases. In branch, the bank takes photocopies of the Power of Attorney form and supporting documents.
If there are joint attorneys, each one can normally have their documents copied separately at their local branch. If registration is done by post, everything needs to be sent - including supporting documentation.
If you are dealing with the affairs of someone with accounts at more than one bank, you will have to go through the registration process several times. In , Which? So make sure you have all the documentation to hand when dealing with banks. If the donor lacks capacity, they will no longer be able to issue cheques or authorise withdrawals from their account, for example. If they have capacity, but require an attorney to act on their behalf for certain transactions due to physical incapacity, for example, they can continue to make withdrawals and issue cheques independently.
Find out more: The Which? Later Life Care website gives free, independent and practical advice about caring for older people across the UK.
This is not always the case, however, especially where the donor still has capacity. Other points of difference include the issuing of cheque books to attorneys and the automatic forwarding of duplicate statements. Statements are normally sent to attorneys where requested, but not all banks forward them automatically. Borrowing is normally discouraged. Very few banks permit a Power of Attorney credit card, and the use of an overdraft facility is similarly restricted.
Acting as an attorney obliges you to maintain a duty of care to the donor, not to benefit yourself. The process for setting up Power of Attorney in regions other than England and Wales is slightly different. The layers of decision were anything but simple. I felt mislead, but that is your call what to pay. Some key threshold decisions : There are several key decisions you might need to make to generate your online power of attorney. A special or limited power of attorney gives your Agent limited authority to act only in specified situations, e.
A general power of attorney gives the agent the authority to handle almost any type of legal, financial, or tax matter that may arise.
The point of a power of attorney is almost always to empower someone to act on your behalf in the event of some future unknown emergency. Because the nature of that future emergency cannot be known, the approach often taken is to make the power of attorney a broad, all-encompassing document that gives the agents lots of power to act.
The flip side to that is, you really better trust your agent. And even if you do trust your agent, consider safeguards e. If you do not want your power of attorney to remain in effect during times of illness, then the document can be made "non-durable. The most common future unknown is your being disabled. Also, be careful as some states do not permit springing powers. Finally, if you prepare a springing power what has to be done to make the power of attorney effective?
You agent might have to get a letter from a doctor confirming you are unable to act for your own behalf. Think how difficult that will be do to in the midst of a pandemic!
Likely Threshold Decisions : So, you might need to make some threshold decisions to get the right form on a consumer legal form website, or you might have to make the above decisions early in the questionnaire to prepare a power of attorney for yourself.
In many cases you might opt for a general broad power of attorney, that is durable effective even if you become disabled , and that is effective as soon as you sign it i. Naming your Agent : This is one of the most important decisions.
You do not need someone who is a legal or financial expert, they can hire experts. You would like someone who is smart enough to seek help when they need it, and honest enough to do right by you. Do not name a person because you feel obligated to do so e. Name the person you think will do the best job and have the most integrity.
While gift giving might not be generally advisable, what if you support one of your children or an elderly parent? If the agent is not permitted to continue your gift giving, your loved ones might face avoidable hardship. You need to be careful, as some decisions might warrant circumscribing and the form or document generation software on the website you are using might not address your important issue. For example,. Safe Deposit Box : You could authorize your agent to have access to your safe deposit box, but the bank where the box is located will likely prefer that you have the agent sign a signature card there.
As long as the principal is conscious, and of sound mind and body, the medical POA will not be triggered. Some medical POAs are written to end when the principal recovers from the incapacitating condition.
You can have different POAs for different situations and appoint different agents to hold them as well. Do not expect your will to serve as a substitute for a power of attorney. A will designates the distribution of your property after death, while a POA is related to decisions made during your life. However, you can have a living will in addition to a healthcare POA. A living will usually addresses specific issues and wishes related to medical treatment if you have a terminal condition, or related to dying such as the extent to which lifesaving measures should be used.
A living will does not always deal with other important medical issues, however, such as whether you would decline dialysis or a blood transfusion. These are the kinds of concerns that can be directly articulated in a durable power of attorney for healthcare decisions. The person you choose as your agent must be someone you trust without hesitation. Depending on how you've worded your POA, the person you select will have access to and be able to make decisions about your health, home, business affairs, personal property, and financial accounts.
It is useful to contact each institution you do business with to be certain that your POA authority will be honored. Some banks and financial institutions have their own forms to complete. You may name more than one person to act as your agent and ask that they work together. However, bear in mind that they may not always have the same view of what needs to be done.
You should also appoint a successor agent, in the event that the agent you originally chose cannot serve in that capacity when the need arises. Signing a POA does not deprive you of control over your personal affairs.
It is a contingency document that becomes a powerful instrument only when it is needed. Choosing someone to hold your power of attorney and specifying that it will operate even if you lose capacity ensures that you have a plan in place for administering your financial and personal affairs if you are ever unable to do so.
This gives you more control over how that process will be handled should the need ever arise. If you move to another state, your power of attorney should remain effective; however, the American Bar Association recommends that you use such a move to update your power of attorney. American Bar Association.
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