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Power Of Attorney

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Power Of Attrony - Cubelaw

What is Power of Attorney (POA)

A Power of Attorney (POA) is a legal document that allows an individual (known as the “principal”) to appoint someone else (the “agent” or “attorney-in-fact”) to act on their behalf. The agent may be given broad or limited authority to make legal, financial, or other types of decisions on behalf of the principal, depending on the terms of the POA.

A POA can be used in a variety of situations, such as when the principal is traveling and needs someone to manage their affairs, when the principal is unable to handle their own affairs due to illness or disability, or when the principal simply wants to delegate authority to someone else.

There are different types of POAs, including general POAs, which grant broad authority to the agent to act on behalf of the principal in a variety of matters, and limited POAs, which restrict the agent’s authority to specific tasks or situations. In addition, there are durable POAs, which remain in effect even if the principal becomes incapacitated, and springing POAs, which only become effective under specific circumstances, such as when the principal becomes incapacitated.

It’s important to note that a POA is a powerful legal document and should be carefully considered and drafted with the assistance of an attorney.

  • GENERAL POWER OF ATTORNEY

A General Power of Attorney empowers an agent(s) with broad powers to act on behalf of the principal in a variety of matters. A general POA typically gives the agent the authority to make decisions and take actions on behalf of the principal in financial, legal, and business matters, such as managing bank accounts, buying or selling real estate or other property, signing contracts, filing taxes, and making investment decisions. However, it’s important to note that a general POA does not allow the agent to make decisions on behalf of the principal with respect to healthcare or medical treatment. The agent also has certain obligations under the Power of Attorney Act.

  • LIMITED POWER OF ATTORNEY 

Unlike a General POA, which grants broad authority to the agent, a Limited POA restricts the agent’s authority to a specific task or situation. For example, a Limited POA may be used to authorize someone to sign a real estate contract on behalf of the principal, or to manage a specific bank account or investment portfolio.

The scope of authority granted under a Limited POA can be customized to fit your specific needs, including specifying the period during which the POA will be effective, or any conditions or restrictions on the agent’s authority.

Limited POAs are often used where the principal needs someone to handle a specific task or transaction, but does not want to grant broad authority to the agent. For example, a Limited POA may be used to allow a family member or trusted advisor to handle a specific financial transaction in a specific situation.

It’s important to work with a lawyer to create a Limited POA that clearly outlines the scope of authority granted to the agent and the specific terms and conditions under which the POA will be effective

  • ENDURING POWER OF ATTORNEY (“EPOA”) 

What is Enduring Power of Attorney?

Enduring Power of Attorney refers to a legal document that authorizes someone else to make decisions on your behalf in case you are unable to do so. The term “enduring” means that this power of attorney remains valid even if you become mentally incapacitated or unable to handle your affairs.

Typically, an enduring power of attorney covers important matters such as financial, and legal decisions, including managing bills, investments, and Real Estate. This type of power of attorney can prove useful in situations where you are temporarily or permanently unable to make decisions, such as when you are hospitalized, or in cases of permanent incapacity.

It is essential to choose a reliable individual to act as your attorney.. Regularly reviewing and updating your enduring power of attorney is also highly recommended to ensure that it accurately reflects your current circumstances and preferences.

  • SPRINGING POWER OF ATTORNEY

A “springing power of attorney” (POA) is a legal document that allows an individual (the “principal”) to authorize someone else (the “agent” or “attorney-in-fact”) to act on their behalf, but only under specific circumstances.

Unlike a regular power of attorney, which becomes effective immediately after it’s signed, a springing power of attorney only comes into effect under certain conditions or at a specific future date, as specified in the document. For example, a springing POA may stipulate that the agent can only act on the principal’s behalf if the principal becomes mentally incapacitated.

Springing POAs are often used as a way to protect the principal’s interests while they are still capable of making their own decisions, but provide a safety net in case they become unable to manage their own affairs. However, they can be more complicated to set up and execute than regular POAs, as the conditions for activation must be clearly defined and documented in the agreement.

Choosing the right POA for you

With Cube Law Corporation, we can help you understand what kind of POA you need and guide you through the different processes. Whether it’s financial, childcare or healthcare, we’re here to help you through

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