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General Power of Attorney & Special PoA- Explained

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List all the reasons and the scope for granting POA to your agent. You will need these details when you consult with a lawyer who will decide the right type of POA to use in your case. 5. Include all your assets and liabilities in your document. Make sure that your power-of-attorney form properly documents all the necessary information that can guide your agent in making the right legal decisions for you. When the principal becomes incapacitated or is no longer able to provide authority for the continuation of the power of attorney, the document is no longer valid. Durable power of attorney Unlike the non-durable type, the durable power of attorney can continue even after the principal becomes incapacitated or becomes incompetent in making decisions. In most cases, the power of attorney will only have an effect on specific cases or issues. Some will be stating a specific period of time while others will be point to more specific business dealings. For instance, a power of attorney may be granted to sign a business deal with Conglomerate X but will not be effective when signing deals with Conglomerate Y even if they are signed on the same day. Unfortunately, trust is something earned over time. You have to make sure the person you choose is trustworthy. Does the person truly understand your feelings? He/She should know you well so as to understand your own points of view and opinions. If you think that person really understands your feelings, you could be sure he/she would follow and stick to your personal wishes if ever you get incapacitated. When choosing the person who would best represent the interest of the principal, it is important to consider several factors. Age. If you are considering your child to be the attorney-in-fact, then you would have to take note of the age. Laws on creating the power of attorney are different on each state. If you designate someone whom you trust as your agent, you can have peace of mind that the person can make decisions for you according to your best interest. The agent is also called the attorney-in-fact. Do not be misled by the term, though, because an attorney-in-fact does not have to be a lawyer. Your document also has to be tailored to your particular needs and wishes so that you have nothing to worry about in the future. 

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