The Nuts and Bolts of Granting Power of Attorney to someone you Trust, To Protect your Assets!

The Nuts and Bolts of Granting Power of Attorney to someone you Trust, To Protect your Assets! 2006-11-11T19:22:09Z Power of Attorney is a legal document in which you give another person legal authority to act for you. The Power of Attorney can cover Simple Tasks like writing or endorsing checks. It can also involve more complex matters like selling real estate. tag:legalhelpmate.com,2008:5 ©2004-2005 Legal Helpmate Corp. - Legal Document Service. Your Future And A Power of Attorney! 2006-11-11T00:00:00Z 2006-11-11T00:00:00Z 2006-11-11T00:00:00Z

A General or Durable Power of Attorney is the legal instrument that is used to delegate legal authority to another, called an Agent, so they can make property, financial and other legal decisions for the person who signed the Power of Attorney, called the Principal. The authority that you give to your agent can be as broad or as narrow as you choose to make it. A General Power of Attorney form should be written and signed by you and provided to your agent so they have something to show as to his or her authority to act on your behalf.

Legal Helpmate http://www.legalhelpmate.com Having a Durable Power of Attorney form in place prepares you for possible future incompetence, A Durable Power of Attorney or General Power of Attorney form as, is a legal document in which you give someone the power to act on your behalf and in your best interest. Most people can handle their financial affairs most of their lives on there own, however, due to injury, disease or old age; you may be unable to manage your financial and personal affairs any longer. With a General Power of Attorney you are preparing for possible future in competencies, and giving someone the legal authority to act on your behalf if you are unable to handle you affairs, either temporarily or permanently. Powers of Attorney: Types 2006-09-20T20:41:44Z 2006-09-20T00:00:00Z 2006-09-20T00:00:00Z

A "Nondurable" Power of Attorney is often used for a specific transaction, like the closing on the sale of residence, or the handling of the Principal's financial affairs while the Principal is traveling outside of the country.

Legal Helpmate http://www.legalhelpmate.com There are "Nondurable", "Durable" and "Springing" Power of Attorney. A "Nondurable" Power of Attorney takes effect immediately. It remains in effect until it is revoked by the Principal, or until the Principal becomes mentally incompetent or dies. Life or Death Decisions 2006-09-20T20:41:08Z 2006-09-06T00:00:00Z 2006-09-06T00:00:00Z

"Durable Power of Attorney for Health Care lets you choose a person, or persons, who can legally make health care decisions for you if you become unable to make those decisions and speak for yourself," says Gretchen Schmuch, a family practice social worker in the University of Iowa College of Medicine.

Legal Helpmate http://www.legalhelpmate.com Many people have heard of a Living Will, a document that explains to your family, friends, doctor, and the courts what you do and do not want done to prolong your life. Fewer people have heard of the Durable Power of Attorney for Health Care. Durable Power of Attorney, And Who Will Make Life or Death Decisions 2006-09-20T20:40:31Z 2006-08-22T00:00:00Z 2006-08-22T00:00:00Z

Legal Helpmate http://www.legalhelpmate.com Many people have heard of a Living Will, a document that explains to your family, friends, doctor, and the courts what you do and do not want done to prolong your life. Fewer people have heard of the Durable Power of Attorney for Health Care. Lifetime Planning and A Power of Attorney 2006-09-20T20:39:55Z 2006-08-08T00:00:00Z 2006-08-08T00:00:00Z

It may take effective immediately or only upon the occurrence of a future event (e.g., a determination that you are unable to act for yourself). The latter are "springing" Powers of Attorney. It may give temporary or continuous, permanent authority to act on your behalf. A power of attorney may be revoked, but most states require written notice of revocation to the person named to act for you.

Most people can handle their financial affairs most of their lives on there own, however, due to injury, disease or old age; you may be unable to manage your financial and personal affairs any longer. With a General Power of Attorney you are preparing for possible future in competencies, and giving someone the legal authority to act on your behalf if you are unable to handle you affairs, either temporarily or permanently.

A principal who is mentally competent always has the right to handle his or her own affairs. The principal also has the right to direct the agent to act as they would like them to.

Legal Helpmate http://www.legalhelpmate.com What Can You Do With a Power of Attorney? Under a Power of Attorney a principal can give an agent authority to do almost anything that they would normally do themselves. This can vary from decisions regarding homes and/or properties to those regarding bank withdrawals and deposits. Three Different Types of Powers of Attorney 2006-09-20T20:38:00Z 2006-06-18T00:00:00Z 2006-06-18T00:00:00Z

Legal Helpmate http://www.legalhelpmate.com There are Nondurable, Durable, and Springing Power of Attorney. A Nondurable Power of Attorney takes effect immediately. It remains in effect until it is revoked by the Principal, or until the Principal becomes mentally incompetent or dies. Protect Your Relationship 2006-09-20T20:36:51Z 2006-06-02T00:00:00Z 2006-06-02T00:00:00Z

Powers of attorney can be as general or specific as you decide. You can give your partner the power to make decisions on your behalf at any time or only when you become incapacitated. You can also dictate what types of decisions you are authorizing your agent to make. A health care power of attorney (also referred to as a durable power of attorney for health care, medical power of attorney, health care proxy and appointment of health care agent of surrogate) would authorize your partner (or other agent) to make decisions about your medical treatment and dictate who you would like to be able to visit you while receiving medical treatment.

Legal Helpmate http://www.legalhelpmate.com A power of attorney is a document that allows you to dictate who you would like to make decisions on your behalf. While there are many useful purposes for a power of attorney, they are especially important to lesbian and gay couples when a partner becomes incapacitated and unable to make decisions. In such situations, the law usually designates the incapacitated person's next of kin as the decision maker. With a power of attorney, lesbian and gay couples can give their partners the power to make such decisions. Avoiding Power of Attorney Abuses 2006-09-20T20:36:07Z 2006-05-17T00:00:00Z 2006-05-17T00:00:00Z

The person that appoints a Power of Attorney is commonly referred to as the "principal" and the person that they appoint is referred to as the "agent," or the "attorney in fact." Once a Power of Attorney is signed, the agent has the authority to make decisions for the principal.

Legal Helpmate http://www.legalhelpmate.com A Power of Attorney is a written legal document that, in its simplest form, establishes a fiduciary relationship between two individuals. Essentially, it gives someone the authority to act on your behalf. Gift Taxes Can Be Confusing 2006-09-20T20:32:20Z 2006-05-01T00:00:00Z 2006-05-01T00:00:00Z

The annual gift tax exclusion rule applies to gifts to any number of separate individuals. They can be husband and wife, friends, brothers and sisters or any group of individual persons. If an ardent fan wanted to give $11,000 to each member of the high school football team, he could do so without the imposition of any gift tax.

Legal Helpmate http://www.legalhelpmate.com The rules about gift taxes continue to produce questions. Here is a recent question from a reader: "After reading your article about the $11,000 gift tax benefit I would like to know if the 'separate individuals' receiving the gift can be husband and wife. My wife's mother recently died and left a sum of approximately $40,000, but not in a will, to her husband to be given to my wife and myself after her passing. Can he write a check for each of us for $11,000 this year, and then for the balance of $18,000 in two checks of $9,000 each early next year, without becoming subject to gift taxes? An Important Part of Lifetime Planning is The Power of Attorney 2006-09-20T20:31:12Z 2006-04-17T00:00:00Z 2006-04-17T00:00:00Z

The person named in a Power of Attorney to act on your behalf is commonly referred to as your "agent" or "attorney-in-fact." With a valid Power of Attorney, your agent can take any action permitted in the document. Often your agent must present the actual document to invoke the power. For example, if another person is acting on your behalf to sell an automobile, the motor vehicles department generally will require that the Power of Attorney be presented before your agent's authority to sign the title will be honored. Similarly, an agent who signs documents to buy or sell real property on your behalf must present the Power of Attorney to the title company. The same applies to sale of securities or opening and closing bank accounts. However, your agent generally should not need to present the Power of Attorney when signing checks for you.

Legal Helpmate http://www.legalhelpmate.com An important part of lifetime planning is the Power of Attorney. Valid in all states, these documents give one or more persons the power to act on your behalf. The power may be limited to a particular activity (e.g., closing the sale of your home) or general in its application, empowering one or more persons to act on your behalf in a variety of situations. It may take effective immediately or only upon the occurrence of a future event (e.g., a determination that you are unable to act for yourself). The latter are "springing" Powers of Attorney. It may give temporary or continuous, permanent authority to act on your behalf. A power of attorney may be revoked, but most states require written notice of revocation to the person named to act for you. Who Will Make Life or Death Decisions? 2006-09-20T20:30:30Z 2006-04-04T00:00:00Z 2006-04-04T00:00:00Z

Many people have heard of a Living Will, a document that explains to your family, friends, doctor, and the courts what you do and do not want done to prolong your life. Fewer people have heard of the Durable Power of Attorney for Health Care.

Legal Helpmate http://www.legalhelpmate.com A majority of Americans say they want to participate in their health care decision-making until they die, but approximately 15 percent have completed a Durable Power of Attorney. If asked, most people have a general idea of what they want, Schmuch says. It is important for people to discuss their values, health care beliefs, and wishes with their families and their doctors.