A power of attorney or a letter of attorney is a legally binding document that gives someone else the power to control your affairs in the case that you are unable to. As the person who grants someone else this power, you are known as the principal, while the person you give this power to is called the attorney-in-fact or agent. A letter of attorney can come into effect immediately or at a later stipulated time. Types 1. Durable power of attorney 2. Non-durable power of attorney 3. Special/ limited power of attorney 4. Health care power of attorney or health care proxy 5. Springing power of attorney Why get a power of attorney? The most appealing thing about getting a letter of attorney is that in the case that you are in any way incapacitated, a loved one will be able to sign documents, send gifts and even access your bank account on your behalf. In the case that you have no power of attorney, the loved one will have to petition a court to be appointed to be your guardian. Needless to say, this is an expensive venture that would best be avoided. Getting a letter of attorney If you have decided to get a letter of attorney, standardized power of attorney forms are available at US LegalForms or at your lawyer’s office. The post Power of Attorney – What To Know appeared first on First Past Law Blog. from http://www.firstpastthepost.net/power-of-attorney/
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