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A general POA is comprehensive and gives your attorney-in-fact all the powers and rights that you have yourself. A power of attorney may also be either current or springing. Most powers of attorney are valid immediately upon their execution. However, the understanding is that the POA will not actually take effect until and unless the grantor ...
A Formal Resignation. When formally resigning, the document itself may already specify the necessary steps to take. If these steps aren’t spelled out, the best thing to do is write a letter tendering your resignation and send it via certified mail to the person who executed the power of attorney and any co- or successor agents. However, you ...
Avoid Guardianship With a Durable Power of Attorney. A guardianship or conservatorship protects the interests of an adult who can no longer make decisions for themselves. A guardian or conservator is someone (or several people) with the legal authority to make decisions and act on behalf of another. Their ward is the adult who needs help with ...
The two main types of powers of attorney (POA) are financial and medical. An individual (the principal) may name you as the agent under a POA. This means you would act on their behalf if they became unable to handle their own affairs. Depending on the person you are representing, you may feel a great deal of pressure to carry this job out well.
7. What kind of records should I keep? It is very important that you keep good records of your actions under the power of attorney. That is the best way to be able to answer any questions anyone may raise. The most important rule to keep in mind is not to commingle the funds you are managing with your own money.
This is a problem with many alternate designations on many durable powers of attorney — the power of attorney document doesn’t state clearly when the alternate should step in for the first designated agent. If it’s not clear from the document, third parties, such as banks and investment companies, are more likely to reject the power of ...
January 10th, 2020. Having power of attorney over a family member is a big responsibility and sometimes it makes sense to share that responsibility with someone else. But when two people are named co-agents under a power of attorney, conflicts can arise. Unfortunately, if the conflict can't be resolved, it may be necessary to get a court involved.
If she’s still in the same state, the existing document is still valid, but it’s more likely that banks and other institutions will accept it if it has your mother’s current address. More importantly, if your mother has moved to a new state, it can be important that she execute a new durable power of attorney applicable in that state.
Institutions are familiar with the forms in that state, and some states have their own statutory forms. It's better to do a new POA than to risk having one from another state not accepted because it looks unfamiliar or doesn't contain the customary wording. For more about the durable power of attorney, click here. Last Modified: 08/28/2015.
Yes, if she’s legal competent. All durable powers of attorney are revocable. Harry S. Margolis practices elder law, estate, and special needs planning in Boston and Wellesley, Massachusetts. He is the founder of ElderLawAnswers.com and answers consumer questions about estate planning issues here and at AskHarry.info. Last Modified: 10/21/2024.