Power of Attorney is an official document that gives legal authority or privilege to an individual who is known as an attorney or representative to act on behalf of another who is known as the principal. The appointed attorney or representative can act on behalf of the principal in economic dealings, including signing checks, purchasing or selling real estate or banking. In this case, the attorney's signature is lawfully effective to the same degree as if the principal has appended their signature on any document.
Difference Between a Power of Attorney and a Will
Many people are unable to tell the difference between a will and a power of attorney. However, both of these legal deeds are distinctly different and perform dissimilar functions. A will is only implemented when an individual dies. On the other hand, a power of attorney is implemented during an individual's existence and stops when they die. For example, you wish to travel abroad for a couple of years and wish to leave your property or real estate under the complete management of someone else. Additionally, maybe your mentally incapable of managing your property and wish for someone trustworthy to do it on your behalf. You can nominate whomever you trust completely to be enlisted in your continuing power of attorney document.
Applying for a Power of Attorney Document
This legal document must be properly drafted using legal terms, it describes the goals, and responsibilities which the principal wishes to authorise the attorney to carry out on his or her behalf. If you wish to apply for a power of attorney document, you could do with the help of a wills and estate lawyer, as they understand the entire legal application process. Your wills and estate lawyer will file an affidavit together will all the required original documents, which the court will verify and upon satisfaction, the court will list the document by applying seal and appending a signature on it, hence declaring validity of the document.
Whom Can You Appoint as Your Attorney or Representative?
If you are looking to obtain a power of attorney on your estate, the law allows you to appoint anybody as long as they are at least 18 years old and of sound mind. You can even choose your best friend. It is imperative that you afford careful though regarding whom you select. Is the individual trustworthy and adept at handling transactions? Consult your wills and estate lawyer such as Peter Fisher Lawyers regarding what criteria to select a good representative.
Share21 April 2015
My name is Jeanette Kennan. I have been a high school legal studies teacher for many years. As such, I am fascinated by legal cases I come across in the media. Family and friends often consult me about minor matters related to the law and although no expert, I can often point them in the right direction. It occurred to me that there may be other people out there who are not aware of basic legal issues. After all, you probably don't think about legal matters related to death, accidents or crimes until you find yourself in a crisis situation. This blog is designed to give you some introductory information about a range of legal topics. Hopefully, it will help you to be prepared and informed should a legal concern arise. I really appreciate you breaking in to my humble little site. Please enjoy.