A Power of Attorney is a legal document by which one person transfers the right to perform or powers of transacting in matters connected to the property, banking, legal and judicial proceedings, tax payments, etc, to another person due to any reasons, it could be being out of the country, or getting old, or not able to look after one’s duties in those matters, etc. Power of Attorney is an authority given in a written formal document whereby one person termed the donor or principal authorizes another person termed the donee, attorney, or agent to act on his behalf.
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In this state, the agent can perform nearly any action as the principal, like opening financial accounts and managing personal finances. A general power of attorney arrangement is terminated when the principal becomes debilitated, repeals the power of attorney, or passes away.
This arrangement appoints another person to act on the principal’s behalf and includes a durable clause that maintains the power of attorney after the principal becomes debilitated.
In this situation, the agent has specific powers which are limited to a certain area. An example is a power of attorney that grants the agent power to sell a home or other piece of real estate.
In some situations, a “springing” power of attorney is available and becomes effective when a specified event occurs such as when the principal becomes debilitated.
There are numerous types of decisions that the agent can be given the power to make, including the power :
To take financial decisions
To make gifts of money
To take healthcare decisions, counting the ability to consent to giving, withholding, or ceasing medical treatments, services, or diagnostic procedures.
To advise a guardian
Even if you do everything exactly correct, some banks and other institutions are disinclined to accept a power of attorney. These institutions are frightened of a lawsuit if the power of attorney is no longer valid. Many banks or other financial organizations or institutions have their own standard power of attorney forms. To avoid problems, you may want to carry out the forms offered by the institutions with which you have your accounts. But be vigilant that you don't sign a bank's document that inadvertently hinders the power of attorney's ability to deal with other assets, and you should also check that any documents which you sign with a bank match the original power of attorney.
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