It is governed by the Powers of Attorney Act, 1888.
WHAT IS A POWER OF ATTORNEY?
It is a legal document executed by one or more persons giving an authority to one or more persons to act on his/ her behalf. It is governed by the Powers of Attorney Act, 1888. The person giving the authority is called the Attorney and the person receiving the authority is called Power of Attorney holder.
ADVANTAGE
- Provides the ability to choose who will make decisions for you (rather than a Court).
- Avoids the necessity of a guardianship or conservatorship.
- Provides family members a good opportunity to discuss wishes and desires.
- Less expensive and saves time.
FAQ
1. What is a Power of Attorney?
A Power of Attorney is a legal document by which you use to allow another person to act for you. You create a legal relationship in which you are principal and the person whom the authority has been given is the ‘attorney-in-fact’ or the agent.
2. Who can use the Power of Attorney?
A person who is 18 years of age or above and of sound mind can use the Power of Attorney as a Principal, or as a Witness, or as an Agent.
3. What are the different types of Power of Attorney?
Basically there are 2 types of Power of Attorney namely:
- General Power of Attorney: This power of attorney delegates unlimited authority to another person for them to act on your behalf.
- Specific Power of Attorney: This power of attorney delegates limited authority to another person for them to act on your behalf.
4. Do I need to have my signature witnessed on a Power of Attorney?
The requirements of a Power of Attorney vary from state to state, but typically it must be signed by the Principal and needs to be witnessed before notary public.
5. How can I cancel or revoke a Power of Attorney?
Revocation means recalling or cancelling the authority you have given to the other person. It can be revoked at any time for whatsoever reason you wish. You must do it in writing and give a copy of the revocation to any interested third party such as a bank or financial institution whom you or your Agent have business.
6. What do I do with the Power of Attorney after I complete it?
It does not need to be filed with the Court.Each person who is made your Agent should keep the original of his or her Power of Attorney form in a convenient place so that it can be located easily when needed.
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