According to the American Bar Association, the agent can sign the agent's name as attorney-in-fact for the represented party. Another alternative for the agent is to sign the represented party's name, and then add the agent's name under power of attorney.Know More
For example, if Bill Clinton gave Hillary Clinton a power of attorney over his affairs, Hillary could sign either Hillary Clinton as attorney-in fact for Bill Clinton, or she could sign Bill Clinton, by Hillary Clinton under power of attorney. The scope of a power of attorney is limited to powers the represented party grants to the agent. These powers can be specific or general. If the power of attorney allows the agent to buy a house for the represented party, then the agent cannot make medical decisions for the represented party. If the agent acts outside the scope of the power of attorney, he may be personally liable for those actions, notes the American Bar Association.
Power of attorney is a convenient way to handle affairs in case of illness or disability. Most states have a durable power of attorney that does not expire or need to be renewed. This durable power of attorney can be revoked by giving written notice to the agent, according to the American Bar Association.Learn more about Law
A durable power of attorney (POA) is a legal instrument that designates another responsible party to act on the behalf of the person executing the document, if they become incapacitated by illness or age, according to Nolo. Contrary to ordinary POAs, durable POAs remain in effect after a person becomes incapacitated. These can take effect immediately upon being executed, or only go into effect after mental incapacity has occurred. Additionally, once executed, POAs can be revoked at any time, provided the person is still legally competent, explains AgingCare.Full Answer >
A medical power of attorney is a legal document where one person, the principal, gives another person, the agent, the right to make medical decisions for the principal when he is incapacitated. The American Bar Association recommends confirming a potential agent's willingness to carry out the document before finalizing it.Full Answer >
A durable power of attorney, created without cost, contains several crucial pieces of information, including your name, the name of the person to whom such power is conferred, any special requirements and your signature, says LegalZoom. In most states, at least two witnesses must also sign the document.Full Answer >
Power of attorney does not make an agent liable for the principal's debts, explains Neal Frankle for Wealth Pilgrim. However, if agents are irresponsible or fail to heed their principal's instructions, they may be held liable for any debts that may result, warns Nolo.Full Answer >