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The phrase, power of attorney, is
legal language for giving someone power over your own
affairs. Who gives the power? The
"Principal" (could be you, family member friend,
etc.) Who is the someone receiving the power? An Agent
(could be family relative, friend, your lawyer). Other names
for "Principal" and "Agent" are
"Grantor" and "Grantee."
Thus, if you are the Principal,
you can give power to the Agent, possibly a close family member,
to take care of many personal things in case you become
incompetent because of illness such as loss of memory or death.
There are three kinds:
1. Nondurable--Agent has
temporary power to complete a specific task, such as sell
Principal's house, for example.
2. Durable--Agent can act
on Principal's behalf even after Principal becomes mentally and
physically disabled.
3. Springing--Agent is
given the power to handle Principal's affairs at a future date for
a specific job(s). This power remains until the Principal's
death.
There are many other rules such
as when the Agent's power stops. Also, there seems to be no
"standardized form" that applies to all states.
Instead, each state has its own forms for any task that the Agent
must undertake to take care of the Principal's affairs.
What are some of these powers that the
Principal gives to the Agent?
- Purchase or sell real estate
- Handle or assign daily tasks
needed to maintain property
- Deposit or withdraw from bank
accounts or any other tasks needed to manage financial
accounts
- Buy, sell, and hold stocks,
bonds, or other investments
- Work with lawyers on behalf of
Principal
- Keep track of taxes and any
other affairs regarding Principal's retirement
- Give charitable contributions
in Principal's name
Read
a clear definition of power of attorney. This site applies
to the state of New York but you still get a very good
explanation:
http://www.oag.state.ny.us/seniors/pwrat.html
Find
power of attorney health care forms from each state:
http://www.uslegalforms.com/poweratty.htm
You
can buy forms here for specific tasks at certain states.
Prices go from $4.99 to $8.99 in year 2004: http://www.findlegalforms.com/xcart/customer/home.php?cat=249
Free
forms. A window will pop up to ask for authentication
information. Click on cancel and form will be shown.
http://www.familycaregiversonline.com/legal-medical.html
This
site says their free form online is available "as is"
and is not a substitute for legal counsel:
http://www.ilrg.com/forms/powatrny.html
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