Commonly Asked Questions About Power of Attorney Forms in Los Angeles
Do you need help understanding power of attorney forms in Los Angeles3 min read
Do you need help understanding power of attorney forms in Los Angeles? As you may know, a power of attorney form authorizes someone to act on your behalf in legal and financial matters. While the exact terms are subject to interpretation by your local court or the particular form you’re using, a few frequently asked questions will help you gain a basic understanding of this important legal document.
When it comes to navigating power of attorney forms, it’s important to seek the help and advice of knowledgeable business lawyers. At UpCounsel, our experienced business lawyers can provide support, guidance, and answers to your questions at an affordable cost.
A power of attorney form is an important legal document that designates another person to act on your behalf in legal or financial matters. These forms are subject to local court interpretations, but are still widely used in the United States. This article covers common questions such as: what are the types of power of attorney forms? What is the difference between a durable and a non-durable power of attorney form? What are the powers granted by a power of attorney form? What happens if the power of attorney is revoked? And more.
If you have additional questions that this article does not answer, it’s important to seek the help of trained and knowledgeable business lawyers. At UpCounsel, our experienced lawyers can provide the insight and legal advice you need to make informed decisions.
Types of Power of Attorney Forms
There are two main types of power of attorney forms: durable and non-durable. Both types of powers may be written in the form of a simple document, or inserted in an estate planning document such as a will. Durable power of attorney forms remain valid even if you are deemed incapacitated, while non-durable forms become void if you become incapacitated.
A durable power of attorney grants a designated person—called an agent or attorney-in-fact—specific powers to act on your behalf. In addition, it allows the agent to conduct transactions on your behalf in the event of your incapacity.
Non-durable power of attorney forms are typically used in limited and specific circumstances. s include making financial decisions in a one-time transaction, or an isolated real estate transaction. These forms are usually written for a single purpose and state a definite expiration date. As a result, non-durable forms do not remain valid if you become incapacitated.
Powers Granted by Power of Attorney Forms
The powers granted by power of attorney forms vary widely and are subject to interpretation by local courts. In general, these forms provide access to financial assets and also grant the power to conduct real estate transactions, manage business affairs, make gifts to charities, hire legal counsel, and sign tax returns.
It’s important to note that a power of attorney form does not grant the agent the power to make decisions regarding your medical care or living arrangements. To do that, you would need a separate document called an advance medical directive. This document grants someone the authority to make medical and living decisions on your behalf if you are deemed medically incapacitated.
Revoking a Power of Attorney
It is possible to revoke or cancel power of attorney forms. The method and process for revocation is outlined in the specific form used. Generally, the power of attorney form lists the means of revocation which can include written notification to the agent or attorney-in-fact, as well as to other parties involved like financial institutions.
To revoke a power of attorney, you must execute a new form and submit it to the necessary parties. It may also be a good idea to mail a copy to the agent or to those who may have already acted upon the authorization granted by the form.
To summarize
Navigating a power of attorney form can be complex. If you have lingering questions, it’s important to seek the assistance of experienced and knowledgeable business lawyers. At UpCounsel, our experienced attorneys have worked with a diverse group of businesses, from small startups to Fortune 1000 companies. Let our team provide the engagement and legal insight you need to make informed decisions.
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