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A glossary on Power of Attorney

Highlights

  • Power of Attorney means?

  • Multiple Types of Attorney.

  • Precautions made while granting a power of attorney.

Documentation Sunday, 10th April 2016

Power of attorney is granted to an individual giving him the authority to take decision for incapacitated principal. While the law for creating a power of attorney varies from place to place there are several generalized guidelines that must be followed. Before signing any document, you must always consult with the attorney, laws and regulations. This principal determines a certain amount of power that will be given to the attorney holder, and the individuals are sometimes granted powers on specific matters. No matter what kind of power of attorney is granted, the attorney in fact is held responsible for keeping precise and accurate transaction records that he or she has made.

There are multiple types of attorneys that offer various kinds of powers including the ones like:

1. Take financial decisions.
2. Making gifts of money.
3. Making health care decision.
4. Recommending a guardian.


Who can be Attorney in fact?

The attorney in fact is usually paid and the principal has the right to set the amount and pay scale. In case the principal does not provide the set or pay scale, the court will determine the same. He can be anyone maybe your spouse, adult kid, relative, friends, or anyone you trust. it must be always kept in mind that the actions taken by the attorney in fact are considered to be legal and to those of the principal and that’s why you must always choose someone who is not just known and beloved, but also trustworthy as it will ensure that no one is going to misuse his or her power. The attorney in fact requires keeping records accurate as well as adequate. These documents are to be provided to the principal on regular basis. In case you are not able to find some reliable attorney in fact, then it’s better not to hand over it to someone who is not worth considerations. It may harm you even more.

Some precautions while granting a power of attorney:

Not having a power of attorney is far better than having one that gives power to someone whom you don’t trust. The principal must always let the trusted partner as an attorney in fact. Another precaution that needs to be taken is that another trusted individual, other than the attorney in fact must also know where the power of attorney documents are placed. Because accidents are inevitable and can happen at any time, it is always crucial to choose the best partner for you. You must also give the clear power of attorney documents, understanding the ways the document can be terminated, or challenged. In case you are doubtful at any later stage of time, you must consult some legal helps, sing the evidences in presence of multiple witnesses and visit a lawyer who can testify the documents as well as mental competency. Hope this piece of article will help you grasp the overview of the Power of Attorney and its relevant issues and principals.