A Power of Attorney is a written document in which you (“the Principal”) designate another person (“the Agent or Attorney-in-Fact”) to act on your behalf in making property, financial, health, and other legal decisions. The most common types of Powers of Attorney include:
Durable Power of Attorney
A Durable Power of Attorney allows your Agent or Attorney-in-Fact to act on your behalf if you are not mentally competent or physically able to make decisions. You choose the person to be your Agent and you choose how broad or narrow that person’s authority will be. The Durable Power of Attorney may be used immediately and is effective until revoked by you, or until your death.
Nondurable Power of Attorney
A Nondurable Power of Attorney is often used for a specific transaction, such as the closing on the sale of a residence, or the handling of the Principal’s financial affairs while the Principal is traveling out of the country. A Nondurable Power of Attorney takes effect immediately and remains in effect until it is revoked by the Principal, the Principal becomes mentally incompetent or dies, or the specified transaction is completed.
Powers of Attorney are important and powerful legal documents that should be granted only after careful consideration.
Carr Law can:
- -Advise you about the powers appropriate for your situation
- -Provide counsel on the choice of an Agent
- -Draw up the documents and outline the Agent’s legal and fiduciary obligations
- -Ensure that the Power of Attorney meets all legal requirements and is properly executed