Signing in to continue doing your Lasting Power of Attorney (LPA) is an important step in managing your personal or business affairs. If you do not have an LPA and cannot manage your affairs, a court may appoint one or more persons to act on your behalf. These individuals are known as guardians, curators, or committees, depending on the local state law. In order to avoid a public court proceeding, it is important to create the appropriate document.
A Power of Attorney (POA) allows you to choose who will act on your behalf and defines your authority and limits, if any. For greater security, a revocable living trust can also be created. LegalZoom offers a special package of services that allows you to obtain a POA document plus 6 months of legal advice at a reduced rate. The type of POA and its terms depend on the powers granted, when they take effect, and for how long they are valid.
It doesn't matter what state you live in, as long as the POA is applicable to the principal's state of residence. The POA may be limited to a particular activity or be general in its application. It is recommended that you contact a legal advisor to obtain and execute a POA. A Limited Power of Attorney (LPOA) allows a person to carry out a specific activity on behalf of the principal, either singly (once) or for a specified period of time.
For medical POA, some hospitals require originals to be present, so it is recommended that originals be handed over to the agent or agents. After making a copy of the POA and giving it to your agent, keep the original in a safe place. The Advocate may administer the Director's retirement plans through this document but may not alter who are the Beneficiaries of any of the Director's retirement plans. A permanent Power of Attorney remains effective after the principal becomes incapacitated, while a non-durable POA ends when the principal becomes incapacitated.
For example, if another person acts on your behalf to sell a car, the department of motor vehicles will generally require that the POA be filed before the authority of your agent to sign the title is fulfilled. If you are in a rare situation and want to grant specific powers that are not financially or medically related, you can create an LPOA. It is prudent to include in the POA a clear statement of whether you want your agent to have these powers. A Durable (financial) Power of Attorney (DPOA) - the most common type - allows one person to grant another person unrestricted ability to handle financial transactions on behalf of the principal.
Donations are an important tool for many estate plans, and your lawyer can make donations on your behalf according to guidelines set out in your POA. The execution of a POA document may allow an agent to act on your behalf in financial matters such as tax reporting, selling property, refinancing a mortgage, and depositing or cashing checks.
