Standard Legal’s Durable Power of Attorney document is effective regardless of the current physical or mental condition of the Principal. Here’s why.
A typical Power of Attorney document grants legal control to the named Attorney-in-Fact immediately upon signature, be it for specific actions or for general personal or business functions should a person become incapacitated.
But can a Power of Attorney document be drafted to only take effect AFTER the maker is unable to make personal decisions?
A corporation or limited liability company can authorize any person to act on its behalf through the proper process.
Only the state of Pennsylvania currently requires a Power of Attorney form in which the Attorney-in-Fact must sign the document.
A Power of Attorney document is effective only while the person who created the document is alive. When the maker (called the Principal) dies, the document is no longer valid and grants no authority.
The answer to that question lies in the language of the Power of Attorney document that was signed.
The Attorney-in-Fact named in a Power of Attorney document has an obligation to manage the business affairs of the Grantor in his or her best interest.
Typically, that means keeping personal, financial and account information confidential.
No. Only the Maker of a Last Will and Testament can sign the Will document. No person can be authorized via Power of Attorney to create and sign a Will on behalf of the Grantor of the POA.
A Limited Liability Company can execute a Power of Attorney document for nearly any business transaction, naming an Attorney-in-Fact to perform some or all functions or duties on behalf of the LLC.
A properly drafted, executed and notarized Power of Attorney document, containing the language necessary to appoint an Attorney-in-Fact for the principal, should be recognized in states other than the state where it was prepared and signed originally.