What is Power of Attorney Agent?
A power of attorney agent is often times also called an “attorney-in-fact”. This person is appointed by some one to legally represent them for specific or general tasks or situations. This is done by creating a power of attorney form, it only needs to be notarized (recorded by your county) if it involves real estate. This form will list the tasks that the agent is supposed to perform on behalf of the appointee. The form should also be passed out to anyone the agent has been appointed to handle business on your behalf with. Depending on what the agent is appointed to do, the appointee may need to send a copy to the bank, insurance companies, or even stockbrokers.
As an agent, your job is to act in the benefit of the appointee. The scope of what you can or can’t do on the appointee’s behalf is contained in the document. This document also may be used until it is revoked. This is done with a revocation power of attorney form or by specifying a termination date on the original document.
Most state’s don’t require a power of attorney to be filed with the County Clerk office, but estate lawyers and financial institutions will recommend you to place on file there to protect your estate upon death. Another thing commonly recommended is that you keep a list of who has a copy of it, and that you tell your agent to make it clear their signing on your behalf to whomever they do business with. If the appointee ever becomes incapacitated then the powers given to the agent is immediately revoked, unless a durable POA is used.
The best advice I’ve heard given to agents is to make decisions based on the way your appointee would make them. Your not suppose to mismanage your appointee’s assets rather you should handle them as if they were your own. Also, avoiding misunderstandings by communicating is key.
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Help answer the question about power of attorney
How do I retain power of attorney for a person who is incoherent?
My mother just came out of a diabetic coma. she is incoherent. i have to take care of all her finances, but I need to retain power of attorney. Notaries would not notarize anything without her understanding what it is she is signing. I don't know where to start and I've never done this before. Please help. thank you.
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