The power of attorney allows a principal to appoint an agent who acts on his behalf in case of incapacitation. The agent, once appointed, is supposed to place the principal’s interest ahead of his own. As such, it becomes crucial for a person to choose a trusted individual. When it comes to the power of attorney, different types of decisions can give the agent the power to act. It includes making gifts of money, making financial decisions, making healthcare decisions, which encompass the consent to withholding, giving or stopping medical treatments, diagnostic procedures, or services. However, a separate health care power of attorney can be made by your loved one and be assigned to another individual.
The Power to Recommend a Guardian
When drafting a power of attorney, it is not mandatory to have a lawyer, but it is recommended to have one with you. He does not have to be a whistleblower attorney los angeles. And if you do not prefer one, then you can write down your power of attorney by yourself.
This term is used instead of the term agent in some jurisdictions. It is different from an attorney at law, who is a solicitor licensed to be an advocate within a specific jurisdiction. The attorney-in-fact can be any person authorized to act by the powers that come from a power of attorney. However, he cannot engage in activities that can amount to unauthorized practice of law.
Types of the Power of Attorney
General power of attorney grants the agent the power to act in almost everything the principal is entitled to. He can access financial accounts and manage personal finances. This power can be terminated when the principal revokes it or passes away. With durable power of attorney, another person can act on behalf of the principal. In this arrangement, a clause maintains the power of attorney once the principal becomes incapacitated. In special or limited power of attorney there are specified powers that curtail the actions of the agent to a certain area. For instance, the agent can sell a home or a piece of real estate belonging to the principal. In some states in the US, springing durable power of attorney becomes effective after a specified event takes place, like when the principal becomes incapacitated.
Is the Power of Attorney Always the Solution?
For the longest time, the power of attorney has granted an inexpensive way to award the right to act on another person’s behalf. However, it is not absolute, and when things do not go as expected, the consequences can be far-reaching. Power of attorney can allow fraud, and in some cases, banks have faced legal actions for allowing access to accounts without a proper background check of the person named in the power of attorney. However, the popularity of this document has led to its acceptance not only in banks but also in other financial institutions. However, to create the power of attorney, you must be 18 years old and above, which is a requirement in most states.