It would be just tragic if you were to designate the wrong person in a Power of Attorney especially if you execute one that involves your finances. There are many instances in the past when agents or attorneys-in-fact designated in Power of Attorney documents have taken advantage of their elderly principals. Remember that this legal document, as a fiduciary instrument, is based on trust. You have to trust the person and believe that they can perform the functions named in your Power of Attorney before you designate them as your agent or attorney-in-fact.
Designating In A Power Of Attorney Template
When you execute a Power of Attorney, you are in fact saying that you are allowing another person to do tasks and make decisions that you would normally do by yourself. You are called the principal and the person you are designating is called the attorney-in-fact or the agent. In some cases, you may be referred to as the grantor and the grantee. In many cases, the tasks and responsibilities involved have financial implications whether personal or business-related. There are also times when the power being designated in a Power of Attorney template involves the task of making decisions on accepting or refusing medical treatment.
Choosing Which Power Of Attorney Template To Use
As you would see in a Power of Attorney form, you would have to name your attorney-in-fact in the legal document. After filling out the document, you have to sign it before a notary. Limited or special Power of Attorney designations for specific transactions often merely require the agent to present the Power of Attorney to the financial institution or office involved. Depending on where you are located, your local statutes might have other requirements in the legal document. There are also some states that have their own preferred templates – I would check the local legal websites or maybe visit my lawyer friend to see if I downloaded the right template for my purpose.
The Power To Do Things For You
The right person to designate in a Power of Attorney template is someone you trust to perform the duties and responsibilities you are designating them for. The point of executing this legal document is so that tasks, transactions, and duties would be completed as necessary even if you are not around or are not physically able to handle them yourself. If someone does not understand or do not have the capacity to do these duties for you, find some other trusted person who is competent and who you can rely on to look out for your best interest.
Finding Someone To Be Your Agent
You would, of course, have to talk to the person you are designating to make sure that they are amenable to the arrangement. They would have to agree to take on the responsibilities that you are extending to them through the Power of Attorney template. Designating an unwilling person in a Power of Attorney would be useless if he is not able to do the tasks you are designating him for. Discuss the provisions of your Power of Attorney with your attorney-in-fact so that he is clear about what is expected of him as your representative. In cases where there is more than one attorneys-in-fact, the scope of responsibilities for each designation is often detailed in the Power of Attorney document as well.