But even where law doesn't require it, custom usually does. A durable power of attorney that isn't notarized may not be accepted by people with whom your attorney-in-fact tries to deal. The notary public watches you sign the durable power of attorney and then signs it, too, and stamps it with an official seal. The notary will want proof of your identity, such as a driver's license that bears your photo and signature. Finding a notary public shouldn't be a problem; many advertise online or in the yellow pages.
Or check with your bank, which may provide notarizations as a service to customers. Mailbox stores, real estate offices and title companies may also have notaries. If needed, you may be able to find a notary who will come to your home or hospital room. To arrange it, call around to notaries listed in the yellow pages. Expect to pay a reasonable extra fee for mobile notary services. Most states don't require the durable power of attorney to be signed in front of witnesses Nevertheless, it doesn't hurt to have a witness or two watch you sign, and sign the document themselves.
Witnesses' signatures may make the power of attorney more acceptable to lawyers, banks, insurance companies and other entities the attorney-in-fact may have to deal with. Part of the reason is probably that some other legal documents with which people are more familiar—including wills and health care directives—must be witnessed to be legally valid. Witnesses can serve another function, too.
If you're worried that someone may challenge your capacity to execute a valid durable power of attorney later, it's prudent to have witnesses. If necessary, they can testify that in their judgment, you knew what you were doing when you signed the document. The witnesses must be present when you sign the document in front of the notary. Witnesses must be mentally competent adults, preferably ones who live nearby and will be easily available if necessary.
The person who will serve as attorney-in-fact should not be a witness. In some states, the attorney-in-fact must sign the durable power of attorney document. Your notary public should not also be a witness. If you must also have your power of attorney witnessed, the notary should not serve as a witness, even if your state does not explicitly prohibit it. Find separate individuals to witness and notarize your document.
If you live in California, Michigan, South Dakota, or Washington, your durable power of attorney is valid if you have it notarized or if you sign it in front of two witnesses. Some people feel most comfortable using both methods together, but you are legally required to choose only one. In these states, you will be prompted to indicate how you want to finalize your document.
When choosing a method, there's one important consideration to keep in mind. If your power of attorney grants your attorney-in-fact authority over your real estate, you should absolutely have your document notarized.
This is because you will have to put a copy of your document on file in the county recorder's office see "Recording," below —and in order to record your document, it must be notarized. In the vast majority of states, the attorney-in-fact does not have to agree in writing to accept the job of handling your finances.
In these states, the attorneys-in-fact and alternates do not need to sign the document unless or until they need to use it. In California, your attorney-in-fact must date and sign the durable power of attorney before taking action under the document.
Ask the attorney-in-fact to read the Notice to Person Accepting the Appointment as Attorney-in-Fact at the beginning of the form. If your attorney-in-fact will begin using the power of attorney right away, he or she should date and sign the designated blanks at the end of the notice. If you've asked your attorney-in-fact not to use the document unless or until you become incapacitated, there's no need to obtain the signature now.
Your attorney-in-fact can sign later, if it's ever necessary. In Delaware, Michigan, Minnesota, New Hampshire and Pennsylvania, your attorney-in-fact must complete and sign an acknowledgment form. Delaware calls it a certification. An attorney-in-fact does not need to be someone who can practice law. That said, getting the help of a lawyer to help you draft the POA and navigate estate planning can make the process less stressful for you and your loved ones.
While it's not necessary to involve a lawyer, you must choose an agent who is:. When designating your attorney-in-fact, it's important to find someone whom you know and trust.
This person will act on your behalf to make crucial decisions about your well-being, your finances, your assets, or other affairs. Your attorney-in-fact can be anyone you choose, so picking someone who will act in your best interest can bring you added peace of mind. Several types of POA exist, and each serves a different purpose. It might be important to you that the same person is responsible for all of your affairs, or you might want the person handling your finances to be different from the person handling your health care decisions.
The differences also extend to when you want the POA to take effect. Here are some of the options and more information on them in the next section :. Each type of POA has its own benefits, so it's important to understand all of your options before making a decision. If you're incapacitated because of an illness or a sudden accident, a durable power of attorney document allows your attorney-in-fact to continue acting in your interest.
This is simply a POA that has a durability provision to keep the current power of attorney in effect. You can specify in your POA document whether you would like your agent to have authority once the document is signed or once a doctor declares you incompetent.
You can also specify your preference for which doctor should have that authority to ensure they're a medical professional whose opinion you trust. A springing POA activates as soon as you're declared mentally incompetent or physically incapacitated. A springing POA is different from an immediately effective POA, which, as the title suggests, becomes effective as soon as you sign it. One major drawback of a springing POA is the clarity around a declaration of physical or mental unfitness.
For example, if you're diagnosed with onset dementia and your ability to make sound decisions is thrown into question, it may be difficult to obtain proof that you're medically incompetent.
General POA is an effective tool if you will be out of the country and need someone to handle certain matters, or when you are physically or mentally incapable of managing your affairs. A general POA is often included in an estate plan to make sure someone can handle financial matters. Also known as a special power of attorney, this POA document limits the agent to a set number of conditions. You can specify exactly what powers an agent may exercise by signing a special power of attorney.
You might use this POA if you can't handle certain affairs due to other commitments or health reasons. Selling property personal and real , managing real estate, collecting debts, and handling business transactions are some of the common matters specified in a special POA document.
There are other, more specific types of POA that can expand or restrict an agent's decision-making powers. The type of POA you need is a personal decision that you may want to bring up when you talk about estate planning with your family.
Planning ahead for end-of-life decisions allows you to spend more time focusing on the people and activities that you love. A medical power of attorney also called a durable healthcare power of attorney, grants your agent authority to make medical decisions for you. Your agent will have this power if you are unconscious, mentally incompetent, or otherwise unable to make decisions on your own.
While not the same thing as a living will , many states allow you to include your preference about being kept on life support in a medical POA. Some states will allow you to combine parts of the health care POA and living will into an advanced health care directive.
This POA gives a fiduciary the ability to conduct your financial matters when you're not present. This can be a non-durable POA that covers situations where you're unable to be present, such as an extended time spent abroad. It can also be a durable financial POA that covers instances when you're incapacitated or mentally incompetent and therefore can't make sound financial decisions for yourself.
Just as with powers of attorney that apply to civilians, military powers of attorney vary in their coverage, and what authority you grant is entirely up to you. Due to the travel often involved in military roles, having a power of attorney in place for a military spouse can be beneficial for many everyday situations, such as accessing your bank account, registering a car, or filing taxes. The unpredictability of life during deployment can mean sudden changes in your plans and your ability to make decisions on your own behalf, whether it's through unavailability, injury, or incapacitation.
Having a power of attorney in place is a good idea for anyone in the military, but for those who are deployed, it can be critical. Once you determine which power of attorney you'll need, you'll need to decide who your agent will be. It's important to remember that any attorney-in-fact is responsible for your best interests and must, to the best of their ability, advocate on your behalf. There are a few steps that can simplify the process of delegating a power of attorney.
You are able to appoint multiple attorneys-in-fact to represent your interests, and you should decide whether these agents must act jointly or separately in making decisions. Multiple agents might be beneficial if your medical or financial affairs are complex. But having multiple agents can introduce scheduling conflicts to the process and may delay important decisions. Similarly, only having one agent has limitations. You should appoint a backup agent who can step in if the original agent is suddenly unable to execute their duties.
Trust is a key factor when choosing an agent for your power of attorney. Whether the agent is a friend, relative, organization, or attorney, you need someone who will look out for your best interests, respect your wishes, and won't abuse the powers granted to them. Should you, a friend, or relative suspect wrongdoing on the part of your agent, report the suspected abuse to a law enforcement agency and consult a lawyer.
It's crucial for an agent to keep accurate records of all transactions done on your behalf and to provide you with periodic updates to keep you informed. If you're unable to review these updates yourself, direct your agent to give an account to a third party that you approve of. You can appoint multiple agents.
You should decide whether these agents must act jointly or separately in making decisions. Multiple agents may ensure more sound decisions, acting as checks and balances against one another. It does have to be in writing, signed, witnessed and notarized.
However, once your agent is appointed via a valid Power of Attorney, he or she simply has to present the document at the institution where business is to be transacted on your behalf. For instance, if your agent needs access to your bank account in order to pay bills on your behalf, he or she will take the Power of Attorney to the appropriate bank to prove that you have authorized such access. In many situations, a Financial Power of Attorney will authorize an agent to sell property on behalf of the principal the person who made the Power of Attorney.
0コメント