I have blogged about the importance of having a power of attorney to address your financial affairs if you are ever incapacitated. More and more people understand the importance of the power of attorney but have questions about the formalities. They ask does your agent sign the power of attorney when you do? If not, when does the agent sign? Does the agent have to sign before a notary? How do I take the authority away from the agent? These are all good questions and the responses follow:
When does an agent sign the power of attorney?
The agent does not have to sign at the time that you sign your power of attorney. The agent's signature does not have to be notarized only the maker. In fact, since you only intend for your agent to use the power of attorney when you are incapacitated, then it is at that time that the agent signs and dates the power of attorney.
How do you revoke an agent's authority?
You should maintain your original powers of attorney. If you no longer want a person to serve as your agent then the powers of attorneys should be destroyed and new ones entered into. If your agent has an original power of attorney, then you must get it back and destroy it. Otherwise, you have to notify any one who may rely on the power of attorney that you have revoked your agent's authority. ALWAYS appoint someone whom you trust.
Springing Power of Attorney
There is another type of power of attorney referred to as a Springing Power of Attorney. It can only be used if a doctor has certified your incapacity and such certification must be attached to the power of attorney for it to be effective. The Springing Power of Attorney is revoked once your regain capacity.
Leave a comment or contact us at http://www.ythlaw.com/
When does an agent sign the power of attorney?
The agent does not have to sign at the time that you sign your power of attorney. The agent's signature does not have to be notarized only the maker. In fact, since you only intend for your agent to use the power of attorney when you are incapacitated, then it is at that time that the agent signs and dates the power of attorney.
How do you revoke an agent's authority?
You should maintain your original powers of attorney. If you no longer want a person to serve as your agent then the powers of attorneys should be destroyed and new ones entered into. If your agent has an original power of attorney, then you must get it back and destroy it. Otherwise, you have to notify any one who may rely on the power of attorney that you have revoked your agent's authority. ALWAYS appoint someone whom you trust.
Springing Power of Attorney
There is another type of power of attorney referred to as a Springing Power of Attorney. It can only be used if a doctor has certified your incapacity and such certification must be attached to the power of attorney for it to be effective. The Springing Power of Attorney is revoked once your regain capacity.
Leave a comment or contact us at http://www.ythlaw.com/
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