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Revoke A Power Of Attorney
Estate law is full of complex terms, such as:
- revocation of power
- acting on your behalf
- canceling the powers
- enduring power of attorney
- public guardian and trustee
- authority granted
- revoke the power of attorney
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Power of Attorney Template | Working With Financial Institutions
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The Power of Attorney is a legal document willingly entered into by two parties and is duly certified by a notary public or a lawyer. The first and second parties in the agreement of the Power of Attorney are the Principal and the Agent, respectively. Within the power of attorney, the principal appoints the agent to perform or do a task in a legal capacity in his lieu.
You might find the video below interesting.
Copies Of The Power Of Attorney
Power of attorney empowers the agent to act and perform upon any forms of legal circumstance necessary of the principal, mostly if the latter cannot perform with others, his legal affairs in person. This situation happens in most cases when the principal is gone from his country of origin or away on a business trip for a long period; or worse, if the principal is seriously ill and can’t perform even a simple task.
The power of attorney is seen by the agent as that of an employee as well as a representative of the principal. Another known term for the authorized agent in a power of attorney is the Attorney-in-Fact.
Things to think about:
- Keeping copies of the power of attorney document
- Making the changes as long as you are mentally capable
- Getting proper legal advice from an experienced lawyer
Working with financial institutions
Authority To Act
The principal and agent who execute an agreement like the power of attorney could either be an individual, partnership, or corporation. Both parties who execute the power of attorney should possess the legal capacity. This means that both parties must be 18 years of age or older and is mentally capable.
When the principal permits the agent in the power of attorney, the agent does act lawfully within the scope of the legal agreement. Therefore, the principal is responsible for the acts that the agent entered into or on his behalf. In the exercise of the power of attorney, the agent is granted payment for services rendered and reimbursement for his expenses incurred during the performance of his tasks.
The most common use for the power of attorney is when the principal enters into a transaction. This is normally something like a purchase of a property or real estate. The agent, by virtue of the power of attorney, deals with the business or the company, or owner of the property until the sale is performed. Thus, the agent pays for and signs the legal documents necessary (such as purchase application form, deed of restriction, contract to sell, etc.) for the business venture between the principal who is the buyer, and the owner of the property who is the seller.
Enduring Power of Attorney
The power of attorney is usually revocable or can be canceled at any time. If this happens, the principal needs only to accomplish the revocation of the power of attorney. They must have the cancellation duly certified by a notary public. The power of attorney would also become null and void upon the death of the principal.
If you still have questions, it would be best to schedule a consultation with us. If you want to learn more about law, you can view our videos.