The power of attorney is a written deed that will transfer your powers of taking decisions to another person(attorney in fact). The agent in fact or you can call him/her the portfolio manager whom you’ve assigned the legal document, from now, can act on your behalf. The agent on your behalf can pay your bills, manage your bank accounts, purchase & sale properties, invest money in real estate, manage your online and offline transactions, pay your medical expenses, and all according to the powers that you gave your agent to take actions.
Now, let’s talk about why the power of attorney document is used. So, if the principal is ill, disabled, incapacitated, not available to manage the things and sign the important documents, mentally disturbed/confused to manage the things, going on vacations, or there could be any reason for which anyone can use the poa. This was all about what is POA law and when it is used, now let’s move forward towards the number of reasons that are capable of ending the power of attorney.
As there are a number of reasons to end the POA but down there are few of them to give you an overview of circumstances that can breach the contract.
- When a court invalidates it
- When the principal dies
- When the principal wants to end or revokes it
- When the attorney in fact can no longer carry out the responsibilities
- When the spouse divorce with the principal who happens to be the attorney in fact
Choosing the Power of Attorney:
It is a very tough and responsible task to assign the power of attorney. You have to be very careful while performing this task and try to choose a trustworthy family member or a reputed professional as your attorney in fact. You may face bankruptcy or financial privation, you may end up with an abused/misused/mishandled power of attorney. Other than this, you are responsible for the mistakes, as well as you are liable for all the losses the agent made. The agent will handle all your financial activities, your bank account, and your medical expenses. Medical POA is a matter of life and death so you have to be serious while you are selecting the agent for yourself.
Some people believe in choosing their children as the agent but they suffer too many problems while taking this decision. Such as:
- If they have more than one child
- Trust issues
- If the child is not an adult and much more
Choosing your children as the agent over your spouse is sometimes good and sometimes risky as well. If your spouse is of the same age as of yours so there are possibilities of suffering the same debilities which the creator of POA is suffering. So, in this way, choosing your child as the POA is good. Now, let’s talk about the risks of making your child the power of attorney.
- Your child may misuse the powers due to intra-family conflicts.
- It is very risky if your child is into gambling
- If he/she has debts
- Have an addiction to dangerous substances or medical products
- If he/she is irresponsible then you may encounter heavy losses and mistakes that are impossible to solve.
- If he/she is not time punctual then all the important and urgent works may be postponed or may not be performed.
If you want to have a look over the power of attorney form or if you want to download the power of attorney doc or pdf then you can download it from below.
