| An important part of lifetime planning is the | | | | of a Power of Attorney. Another important |
| Power of Attorney. Valid in all states, these | | | | reason to use Powers of Attorney is to |
| documents give one or more persons the power | | | | prepare for situations when you may not be |
| to act on your behalf. The power may be | | | | able to act on your own behalf due to absence |
| limited to a particular activity (e.g., | | | | or incapacity. Such a disability may be |
| closing the sale of your home) or general in | | | | temporary (e.g., due to travel, accident, or |
| its application, empowering one or more | | | | illness) or it may be permanent.If you do not |
| persons to act on your behalf in a variety of | | | | have a Power of Attorney and become unable to |
| situations. It may take effective immediately | | | | manage your personal or business affairs, it |
| or only upon the occurrence of a future event | | | | may become necessary for a court to appoint |
| (e.g., a determination that you are unable to | | | | one or more people to act for you. People |
| act for yourself). The latter are "springing" | | | | appointed in this manner are referred to as |
| Powers of Attorney. It may give temporary or | | | | guardians, conservators, or committees, |
| continuous, permanent authority to act on | | | | depending upon your local state law. If a |
| your behalf. A power of attorney may be | | | | court proceeding, sometimes known as |
| revoked, but most states require written | | | | intervention, is needed, than you may not |
| notice of revocation to the person named to | | | | have the ability to choose the person who |
| act for you.The person named in a Power of | | | | will act for you. With A Power of Attorney, |
| Attorney to act on your behalf is commonly | | | | you choose who will act and define their |
| referred to as your "agent" or | | | | authority and its limits, if any.What if I |
| "attorney-in-fact." With a valid Power of | | | | move? Generally, a Power of Attorney that is |
| Attorney, your agent can take any action | | | | valid when you sign it will remain valid even |
| permitted in the document. Often your agent | | | | if you change your state of residence. |
| must present the actual document to invoke | | | | Although it should not be necessary to sign a |
| the power. For example, if another person is | | | | new Power of Attorney merely because you have |
| acting on your behalf to sell an automobile, | | | | moved to a new state, it is a good idea to |
| the motor vehicles department generally will | | | | take the opportunity to update your Power of |
| require that the Power of Attorney be | | | | Attorney.Will my Power of Attorney expire? |
| presented before your agent's authority to | | | | Some states used to require renewal of Powers |
| sign the title will be honored. Similarly, an | | | | of Attorney for continuing validity. Today, |
| agent who signs documents to buy or sell real | | | | most states permit a "durable" Power of |
| property on your behalf must present the | | | | Attorney that remains valid once signed until |
| Power of Attorney to the title company. The | | | | you die or revoke the document. However, you |
| same applies to sale of securities or opening | | | | should periodically meet with your lawyer to |
| and closing bank accounts. However, your | | | | revisit a Power of Attorney and consider |
| agent generally should not need to present | | | | whether your choice of agent still meets your |
| the Power of Attorney when signing checks for | | | | needs and learn whether developments in state |
| you.Why would anyone give such sweeping | | | | law affect your Power of Attorney.Note that ( |
| authority to another person? One answer is | | | | provides an easy-to-use, quick, and |
| convenience. If you are buying or selling | | | | economical online method for creating |
| assets and do not wish to appear in person to | | | | completed legal documents for any occasions. |
| close the transaction, you may take advantage | | | | |