Become a power of attorney
Edited by Ephraim, Charmed, Nate Pepperell, Eng and 1 other
This article will be on how you can assume power of attorney for another person. Assuming a person's power of attorney means that you will be acting as that person in their absence, whether they are living out of country, cannot act on their own, are in the military, or any other reason for them needing to designate this responsibility to you. This process is not that hard, but you will need to follow the necessary steps in order to make this process successful. Following these steps will help in order for you to make this process easy and a successful process in assuming power of attorney.
Steps in Assuming Power of Attorney
- 1You will need to be chosen or asked in order for you to be considered someone's power of attorney for this is not something that you can just force for the person will need to do this at their own free will. The person will need to choose you to be their power of attorney in order to start the process to move forward. When being chosen as a person's power of attorney it will need to be for a specific reason which will be to represent them in whole or for a financial reason. The person who can be chosen will need to be at least 18 years old to fulfill certain responsibilities which will be needed to perform on behalf of the person who also will need to be at least 18 years of age themselves in order to even choose a person to be their power of attorney. Also the person who is doing the choosing will need to be in a complete state of mind when making the decision for if they are not psychologically stable then the process will not be able to be completed. All of these standards will need to be fulfilled in order for the process to be moved forward for if any of these standard requirements are not met then becoming someone's power of attorney will not be completed upon request.Advertisement
- 2You will need to know what you are responsible for when becoming a person's power of attorney. With power of attorney, you will act as that person in all aspects instead of physically being their presence but you will have the power to act as that person when it comes to anything in their life. You will either act for them for financial purposes pertaining to their money or you may act as them when it comes to anything that will pertain their medical needs. This form will be chosen by the person who will be assigning someone as their power of attorney. In addition to the power of attorney responsibilities you will also need to know of the limit you will be given (if any) when acting as the persons power of attorney. The 4 ways in which a person can fill out the form for you to be their power of attorney are General, Limited, Medical, or Durable.Advertisement
- General Power of attorney. Will have the power to buy or sell property, buy, manage or sell real estate, handle all banking transactions, enter safety deposit boxes, file tax returns, deal with government benefits, enter into contracts, buy life insurance, settle claims and deal with all stock rights of that person whom they will be representing.
- Limited Power of attorney. Is a person who will only be able to act on specific things when it comes to the person who they are representing which includes making financial decisions, manage business interests, handle all banking transactions, enter safety deposit boxes, make estate changes, collect debt, handle government and IS securities transactions, borrow money, sell/manage real estate personal property.
- Medical Power of attorney. Is allowed to make all health care decisions of the person that they are representing whether they are unconscious, mentally incompetent or unable to act on their medical decisions on their own if they are not able to do so.
- Durable Power of attorney. With this representation you can do all the things that the person who you are representing can do unless the person is in a coma or unable to make any type of decision at all. You can act on their behalf just if you were them being that if they are unable to make a decision then you are also unable to make a decision.
- 3Now that you understand exactly what the different options of the kinds of power of attorneys that you can be presented with you will need to fill out the necessary power of attorney forms which will require your social security number, address and telephone number. This form can be received from either the person who is wanting present you with the form or you can even request the paperwork yourself but you will still need the confirmation from the person you will be representing in order for the process to be completed successfully. With everything already in place with the absence of the person's permission who you will be representing the application will be useless to start filling out. But when you have understood all the facts and gotten the permission then you can begin to fill out the form that is necessary for you to gain power of attorney.
- 4Get your form notarized by a public notary for the form by itself will be useless unless it is notarized by a professional. You can visit a notary republic in order to get your form notarized successfully. A lot of people make the mistake of filling out the form but forgetting to get it notarized which in turn will make the form not an official document of representation. You can find a notary inside mostly any bank in your local area, you will not need to go far in order to find a notary service you will just need to visit any nearby bank for assistance with performing this act. There will be a fee that you will be charged in order to get something notarized but it will not be anything that is too far-fetched only about $20 to $50 depending on the location and type of bank you will be utilizing.
- 5The last step in this equation is for you to call every facility of which the person you are representing affiliates themselves with in order for you to let them know that you can act as that person. So that when the time presents itself you do not have a hard time getting things done for you will already have let them know of everything beforehand making all decisions and transactions easier later on in the process.
Questions and Answers
How to go forward with power of attorney?
The easiest thing to do when drafting a power of attorney is just go directly to a notary public and have him draft the entire document for you.
On the other hand, another option is to write your own power of attorney based on a template that you may have and just have your lawyer sign and stamp it for you. You need to be bringing along relevant documents and that will be attached and countersigned as well.
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Categories : Financial
Recent edits by: Eng, Nate Pepperell, Charmed