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Things To Know Before Signing As Afinancial Or General Power Of Attorney

By Author: Carl Glendon
Total Articles: 115

When it comes to signing as a power of attorney, the agent gets the legal rights to perform all the personal and business related duties after the principal is incapacitated. The agent gets the power of attorney and is finally named to transact business for someone else. Now, after the agent takes up the jobs and duties of the principal, he has to sign all the important documents on that person’s behalf. These include everything, from legal documents, to contracts, sign checks and or even conduct real estate transactions and much more. Mostly, the power of attorney is assigned to an agent when the principal is ill, incapacitated or out of the country.

Type of power of attorney

• The general power of attorney is the most common among all types and it is brought into effect to give a friend or family member the power to conduct financial transactions for them if they become incapacitated. This include banking, real estate matters, filing tax returns and entering into contracts. This is also called financial power of attorney.

• The healthcare power of attorney is designated to make healthcare and medical decisions in the case of medical incapacitation or cognitive inability.

• The durable POA gives the allowance to an agent to stay in a POA in case of permanent disability or incapacitation.

Signing as a power of attorney

The agent who gets the right to sign as the POA should be: 18 years or above, mentally fit and capable, trustworthy, and have a sound mind. Mostly, the principals choose someone they know as agents, be it friends or family members,

If you are signing as a POA for someone, you need to understand that it is you, and not they, signing the document and that you are acting under the authority of a power of attorney. Before signing any document, make sure that the format is correct, as certain banks and institutions look for a certain format for signatures. If you don’t sign correctly, you can be in serious ethical and legal trouble. Thus, make sure that all the power of attorney documents is signed properly, and the forms are notarized. For more information about getting a sample power of attorney form, please visit this website.

This paperwork must be kept safely, for different types of business transactions and other legal needs. Also, under certain circumstances, it is a good idea to consult a lawyer before signing as power of attorney in a transaction. This will be safe, and reap better benefits in the long term as well for both agent and principal.

Author Resource:-

Carl writes often about legal drafting, rental lease agreements, power of attorney form sand help the people in such needs. You can find his thoughts at power of attorney form blog. Please visit this site to get a sample power of attorney form in Arizona.

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