In today’s world of booming industries and flourishing businesses, people are busier than ever. Although the income of the industrialists and people in business is increasing daily, their time is becoming more precious to them as they have a number of decisions to make but have limited hours. Thus, comes the concept of P.O.A. or “Power Of Attorney”, but what is power of attorney? How do you get power of attorney? If you have all these questions in your mind and wish to find a precise yet well-explained answer to them, you have landed on the right article.
I will guide you through the concept of power of attorney and also will provide you with all the necessary pieces of information. Power of attorney is not exclusive to wealthy industrialists; even everyday folks use it during the time of their need. This legal concept is quite simple yet vast; thus, sit back and review the article, and I will ensure that you leave the article with proper legal knowledge about P.O.A.
What is a Power of Attorney?
P.O.A. or Power Of Attorney is a legal document that has the ability to grant another person to take a legal decision on behalf of you when required. The person given this legal instrument is called the agent or proxy, and they have the authority to make necessary financial, medical and other financial matters wherein the actual person cannot be there to make the decision.
Power of attorney is a beneficial legal instrument during the time when a person is ill or has somehow become disabled. The person holding a power of attorney has the legal authority to sign any document on behalf of the actual person and carry on any procedure.
People often mistake power of attorney for a “Will”, but that is not true. Power of Attorney applies legally only during a person’s lifetime, once he is dead, it doesn’t work, and the instrument becomes void. The will and power of attorney work together and are not the same thing.
Types of Power of Attorney
There are different types of Power of attorney is a legal document that gives someone the authority to make decisions on the grounds of finance, healthcare and family. of power of attorney, each of which has a specific purpose. Thus, it is wise to know about them properly before you consider getting one. Power of attorney is a lent for the classification of the instrument.
Here is a comprehensive list of various types of Power Of Attorney:-
- Medical Power of Attorney- A medical power of attorney (or healthcare power of attorney) is a legal document that lets you give someone legal authority to make important decisions about your medical care
- Springing Power of Attorney – A power of attorney is springing when it takes place at some time in the future after signing.
- Power of Attorney -A power of attorney (P.O.A.) is an authority placed on an agent by the principal allowing that agent to make decisions on the principal’s behalf.
- Non-durable Power of Attorney – A non-durable power of attorney is a legal authorization that is limited in scope. The person you specify can act on your behalf in legal and financial matters, which may include signing agreements, approving payments and more. The privileges afforded to that person depend on the powers you authorize in the power of attorney document.
- Durable Power of Attorney -A Power of Attorney which says explicitly otherwise, the agent’s power ends if the principal becomes mentally incapacitated.
- General Power of Attorney- The general power of attorney is a broad mandate that gives an agent a lot of power to handle a principal’s affairs.
How to get a power of attorney?
The best and the easiest way to get a power of attorney is by having a talk with an attorney lawyer who is well versed with laws and can help you out with the documentation process.
However, that is not the only way to get this done. If you like getting things done all by yourself, then my friend, you must follow the steps below to get a power of attorney successfully.
Here are the steps:-
- First and foremost, name the agent or the proxy.
An agent or proxy is someone who will take the important decisions when you aren’t available. It is very important to consider some essential things before you select an agent.
- It would be best if you were sure about the reasoning abilities of the agent.
- Make sure the person is trustworthy and will not deceive you.
- Will that person make the right decision under emotional pressure?
2. Find a probate attorney and fix a meeting.
Find a probate lawyer who will guide you through the process and can offer you professional advice.He/she will draft all the legal documents required to process the P.O.A. Thus, choose someone who will work empathetically and will understand your perspective and situation.
3. Get the documents checked and signed.
Once the P.O.A. draft is done, you need to notarize and sign it. You need to make a copy of the following and sign that as well.
4. Distribute the signed P.O.A. copies to relevant people.
Once you are done with all the required documentation, send the copies to the people whom it will be relevant. The proxy or the agent should have a copy of the document. If you want, you can choose to keep the document private and share the information only with your children or spouse.
5. Make sure to update the documents when necessary.
If the situation demands and you require to change a power of attorney, you can change it. It is wise to update any changes as soon as possible and is completely fine if you wish to change the proxy or agent.
What are the documents that support the power of attorney instrument?
There are some other documents which support the legal framework of the Power of Attorney. I am listing down the papers so that you can go through them and have a general idea about them.
- Mental health declarations
- HIPAA authorizations
- Physician’s directives
- Do-Not-Resuscitate (DNR)
F.A.Q.’s
- What do they check in a power of attorney?
A- Ensure that the Power of Attorney is duly registered and the stamp duty prescribed by the state where the P.O.A. is executed has been paid.
2. Who can override a power of attorney?
A- A power of attorney (P.O.A.) is a legal contract that gives a person (agent) the ability to act on behalf of someone (principal) and make decisions for them. Short answer: The principal who is still of sound mind can always override a power of attorney.
3. What type of power of attorney covers everything?
A- Enduring power of attorney (E.P.A.)covers decisions about your property and financial affairs. It comes into effect if you lose mental capacity or want someone to act on your behalf.
4. How much time does it take to set up power of attorney?
A- The Office of the Public Guardian usually takes 8 to 10 weeks to register a power of attorney, assuming the form is not mistaken.
5. Does power of attorney override a will?
A- A will protects your beneficiaries’ interests after you’ve died, but a Lasting Power of Attorney protects your own interests while you’re still alive up to the point where you die. There’s no overlap. The moment you die, a power of attorney ceases, and your will becomes relevant instead.
6. Can I do power of attorney myself?
A- Only If you’re aged 18 or older and have the mental ability to make financial, property and medical decisions for yourself,
7. Can power of attorney sell a property?
A- A person given power of attorney over a property cannot sell the asset unless there is a specific provision giving him the power
Final Words
This article was about how to get the power of attorney and other related legal terms. I have briefly mentioned everything necessary if you are someone willing to get a power of attorney. The article was curated in an easy step-by-step process so that you can understand the whole process clearly. Thank you for your precious time. That is all for today. Ciao!