Legalese is not easy-speak. I have always heard about specific ways of saying things the legal way. Otherwise, they do not mean the same thing under the law. In legal documents like Powers of Attorney, therefore, the template you choose must be worded correctly to ensure that they will not be contested when enforced. There are cases where the attorney-in-fact is a lawyer and can already prepare the document themselves. In most cases, however, preparing the document falls in the hands of the one giving the Power of Attorney.
When it comes to legal issues, it can be costly to make a mistake. I am not a lawyer, and I do not speak legal jargon. But, I do know and realize that it is important to use proper legal language and format in legal documentation, such as a Power of Attorney. Some people are required to sign on the documents and registries to log the documents for the document to be legally binding. I have done my research on this important document and would like to share them with all who are interested in designating a person to act on your behalf if you are physically unable to do so for any reason.
What a Power of Attorney Is
Before I go any further, let us first define what a Power of Attorney is. A person executes this legal document to designate another person to make decisions or engage in transactions on his behalf in a contingent event. You can do this to prepare for instances when you are unable to act in your own capacity. For example, this can happen when you become physically incapacitated due to an accident or illness or when you are out of the country at a time when you need certain decisions or transactions to be made while you are away. To make things easy for the non-lawyers like us, we can choose to use a power of attorney template for our specific purpose.
Aside from financial transactions, a power of attorney can also be used to designate someone to make healthcare and medical care decisions for you if you become critically ill. This includes accepting or refusing specific treatment modalities and pulling the plug on a life support machine. In some cases, you can use an Advanced Medical Care Directive that gives specific instructions as to how you would want to be cared for and medically treated in case you are unable to communicate these healthcare instructions anymore yourself.
Making Sure Your Documents Are Legally Sound
Any Power of Attorney executed should be legally binding, or else they would not be valid during the time they are supposed to take effect. In short, they would be rendered useless, and you would still be bound to perform the named duties yourself. The worst part is that there are times when it is difficult or not possible anymore to issue another Power of Attorney when the time comes that it needs to take effect. This might happen when you are already sick and unconscious or away and unable to sign any documents, legal or otherwise.
My interest in learning about Power of Attorney documents was spurred by the news of an elderly relative who could not collect on his pension benefits since he was physically unable to go to the bank to make his withdrawals. A power of attorney would have allowed him to enjoy his benefits when he needed funds most. A trusted agent would have been able to make these transactions on his behalf had he taken the time to go through the legal paperwork. It does not take a long time to execute this legal document, especially when you already have a person in mind to designate as your agent or attorney-in-fact.
Is Downloading Templates Safe?
This is why I have come to rely on a local website that has an updated Power of Attorney template for just about any kind of transaction I need – it pays to be prepared, as most wise people say. I have had my lawyer friend look at them just to be sure that they are the right ones. These websites are easy enough to navigate, and the forms download just as quickly. I have had to pay a minimal fee for some, but it’s really not a big deal. I have used several of these templates already on Special Powers of Attorney with limited scopes.
You can use printable templates by simply filling out all your personal information and particular instructions. A simple search on the internet will give you several choices. Although these templates are usually good enough, you might still want to consult your state legislation for any specific provisions and particulars you have to include in your POA.
Some states would also have requirements as to who should get a copy of the final notarized document. And then, you also want to think about the issue of possibly needing to revoke the power of attorney designation in the future.
Unloading Decision-Making Powers
Truth be told, I have grown fond of how easy these websites with legal documents for every purpose have made life easier for me. They just take all the worrying about the legalese off my hands so I can worry about all the other things I need to take care of. The main benefit of these legal documents is that they ease the burden of decision-making. In our family business, I simply issue a Special Power of Attorney designating my brother, who is also a co-owner, to make decisions and sign documents in transactions pertaining to matters that we have already discussed beforehand.
More Profits Made
A Power of Attorney template was also what I used to designate an agent to handle my personal finances. Although I am in business, it is too cumbersome for me to deal with my trading activities. I would love to see my investment bear fruit over the long term, and that is just not going to happen if I were to make every trading decision myself.
Since I have grown to trust my broker, I felt it would be more profitable for me to empower him to trade my account with a Power of Attorney. This way, he can quickly grab profitable trading opportunities without having to wait for my decision.