#Power of attorney form professional#

The following are common types of powers of attorney. Do you want someone to make financial decisions for you? Or do you need someone to make health care decisions for you or your children? Do you want it to be effective only when you become unable to make decisions for yourself? Is it only needed for a short time while you travel?Īfter you answer these questions, you will need to choose what type of power of attorney is best for you. Think about why you want a power of attorney. Know the Different Types of Powers You Can Give It is best to choose an agent you trust and who will make wise decisions on your behalf. However, going to court after a breach will do little to help a principal if the assets are unrecoverable because the agent has already used them. In extreme cases of fraud or embezzlement, an agent could face criminal prosecution. A breach of this fiduciary duty could result in civil lawsuits. Under a power of attorney, the agent has a fiduciary duty to act in good faith and make decisions in the principal's best interest. This is wise when you want an agent to act while you are incapacitated. You also can choose alternate agents in case your first choice becomes unavailable. You can choose two or more co-agents but be careful because it could create disagreements and the need to go to court.

#Power of attorney form professional#

Your agent can be paid, like if you choose a professional like an attorney or accountant, or unpaid, which is usually the case with close family members. An agent is sometimes called an attorney-in-fact or a health care proxy when the power of attorney concerns health care.Īn agent must be an adult.

What Is a Power of Attorney?Ī power of attorney is a legal document that allows someone (the principal) to give another person (the agent) the legal power to make decisions on the principal's behalf. But before you look for the correct form and begin filling it in, you should know more about what a power of attorney is, the different types, and how they work. You can find a power of attorney form here. Creating one is often as simple as filling out a form for your state, signing it, and making sure witnesses or a notary public signs it. Each state has different laws for making a valid power of attorney. You may become mentally incapacitated or want someone with expertise about finances to handle specific financial decisions.īefore someone can make legally binding decisions on your behalf, you will need a power of attorney. Situations can arise when you will want someone else to make decisions on your behalf.