How to Do Special Power of Attorney
Special power of attorney is a legal document that grants someone the authority to act on behalf of another person in specific legal and financial matters. This is particularly useful when someone is unable to manage their own affairs due to illness, disability, or other reasons. If you are considering granting someone special power of attorney, it is important to understand the process and ensure that it is done correctly. Here is a step-by-step guide on how to do special power of attorney.
1. Understand the Purpose
Before proceeding with the process, it is crucial to understand the purpose of the special power of attorney. This document allows the attorney-in-fact (the person you are granting power to) to make decisions on your behalf in areas such as financial transactions, real estate transactions, and legal matters. It is important to specify the scope of the power you are granting to avoid any misunderstandings or legal issues in the future.
2. Choose the Right Person
Selecting the right person to act as your attorney-in-fact is a critical step. This person should be someone you trust completely and who has the ability to handle the responsibilities that come with the role. Consider someone who is financially savvy, responsible, and willing to take on the responsibility of making important decisions on your behalf.
3. Consult with a Lawyer
It is highly recommended to consult with a lawyer or an attorney to draft the special power of attorney document. This ensures that the document is legally binding and complies with the laws of your jurisdiction. A lawyer can also help you understand the implications of granting special power of attorney and guide you through the process.
4. Draft the Document
The lawyer will assist you in drafting the special power of attorney document. The document should include the following information:
– The name and address of the principal (the person granting the power)
– The name and address of the attorney-in-fact
– The scope of the power being granted (e.g., financial, real estate, legal matters)
– The duration of the power of attorney (whether it is a temporary or durable power of attorney)
– Any limitations or conditions you wish to impose on the attorney-in-fact
5. Sign the Document
Once the document is drafted, both the principal and the attorney-in-fact must sign it in the presence of a notary public or a witness, depending on the requirements of your jurisdiction. This ensures that the document is legally valid and enforceable.
6. Store the Document Safely
After signing the special power of attorney document, it is important to store it in a safe and secure location. Make sure that the attorney-in-fact knows where the document is kept and how to access it when needed.
7. Notify Relevant Parties
Lastly, inform any relevant parties, such as banks, financial institutions, and healthcare providers, about the existence of the special power of attorney. Provide them with a copy of the document or instruct them to contact the attorney-in-fact directly.
By following these steps, you can ensure that the process of granting special power of attorney is done correctly and that your affairs are managed effectively in your absence.
