You want to be sure that your agent will be available during times of duress and faithfully execute your wishes. The two (2) most important qualities you should look for in your agent are accountability and trust. This individual does not need to be an attorney, although an attorney can be your agent. Step 2 – Selecting Your Agent (Attorney-in-Fact)Īn agent, also known as an Attorney-in-Fact, is the individual that will be making the important decisions on your behalf.
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In addition, if you would like to elect someone to handle your health care needs as well you can select a health care agent with the Medical Power of Attorney to make any and all decisions in the chance that you are not able to do so for yourself.įor estate planning, a full list of documents that an individual may want to complete is located in the Estate Planning Checklists which are specific to each state. The most common is the Durable Power of Attorney for financial purposes that allows an agent to handle any monetary or business-related matters to the principal’s benefit. View and read the Types of Power of Attorney in order to get a better understanding of which form(s) are best.
The most common types transfer financial or medical powers to someone else in the event the principal should become incapacitated.įrom the Uniform Power of Attorney Act (UPOAA) in Section 102(7) (page 7): The principal can appoint an agent to handle any type of act legal under state law. The designation may be for a limited period of time or for the remainder of the principal’s life. Power of attorney is the designation of granting power to a person (agent) to handle the affairs of someone else (principal). Vehicle Power of Attorney – Typically provided by a State’s Department of Motor Vehicles (DMV) or related agency to allow another person to sell, register, or title an automobile. May be used for State or Federal filings. State Tax Filing Power of Attorney – Used to elect a tax preparer to handle a filing on behalf of an individual or entity. Revocation of Power of Attorney – To cancel a current power of attorney arrangement. Real Estate Power of Attorney – For a buyer or seller of a property that would like to hand over their rights in relation to handling the negotiation and transaction at closing. Valid for a temporary period of time, usually between six (6) months to one (1) year, which is dependent on the State’s laws. Minor Child Power of Attorney – Allows a parent to give the full responsibility of their son or daughter to someone else (except adoption rights).
Medical (Health Care) Power of Attorney – Used by an individual to select someone to handle their health care decisions in the chance they are not able to do so on their own. Limited Power of Attorney – Permits a person to carry out a specific activity on the principal’s behalf either as a one (1) time occurrence or for a specific period of time. 2015, allows an individual or business entity to elect a party, usually an accountant or tax attorney, to file federal taxes on their behalf. IRS Power of Attorney (Form 2848) – Revised in Dec. General (Non-Durable) Power of Attorney – Grants the same financial powers listed in the durable form except that it does not remain in effect if the principal becomes incapacitated or mentally disabled. By StateĪdvance Directive – Used for health care planning and combines a medical power of attorney with a living will.ĭownload: Adobe PDF, MS Word (.docx), OpenDocumentĭurable (Financial) Power of Attorney – The most common type of power of attorney, allows a person to grant someone else the unrestricted ability to handle financial transactions on behalf of the principal. Signing Requirements – Must be signed under State law with either two (2) witnesses, notarized, or both.
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