You can find out what powers can be given to an attorney-in-fact by looking it up online in your state's statutes.
Generally, a POA grants sweeping rights for the attorney in fact to act on behalf of the principal in all matters except making changes to a will.
A POA creates a position of trust where the principal grants power to an agent to sign on her behalf when she is unable or unavailable, or simply for purposes of convenience. A General Power of Attorney gives the attorney-in-fact broad powers and access to all the assets of the principal and therefore, it can be easily abused by an unethical person. A POA can be appropriately tailored to limit the powers of the AIF and that can help to mitigate risk. It is essential for the principal to choose someone who is trustworthy, reliable, organized and good at record-keeping.
An attorney-in-fact can find themselves in serious trouble when they use the principal's funds for their own benefit even with the principal's permission. Consider the following. Many people who grant a POA are elderly and they do not have a good grasp on their financial situation especially since they have appointed someone else to manage their finances. They are grateful for the help and want to reward the AIF by sharing their limited resources. Even if the principal verbally authorized the personal use of funds by the attorney-in-fact the AIF would be in a precarious situation if their personal use of the principal's money were to be challenged in court later. The AIF should never use the principal's funds for their own use.
An AIF is a fiduciary and is subject to state laws that govern fiduciaries. One of the boilerplate rules for fiduciaries is that they not convert the principal's assets to their own use. Another rule is that they keep good records so that an annual accounting can be produced that shows the principal's funds coming in and going out. Those figures should closely match. Any fee charged by the AIF should be represented in that accounting.
It allows someone else to act in your place for financial or medical decisions.
power of attorney.
The power of attorney ends with the death of the grantor.The power of attorney has no relationship with the will.
Yes.... Powers of Attorney Cease at Decease
All powers of attorney take effect and can be used immediately by the attorney-in-fact unless the form used is a "springing" power of attorney. "Springing" powers of attorney only go into effect upon proof of existence of an event happening in the future after the document is executed.
Recast the sentence, or risk losing clarity. Instead of "They took their power(s) of attorney(s) to the hospital," write "They each brought their power of attorney to the hospital" or "They took copies of their power of attorney to the hospital." Same problem arises with, for example, the title "Book of Mormon" and "Power of Love" You'd have to say "copies of the Book of Mormon" or "versions of Power of Love" to preserve your meaniing.
Powers of Attorney do not need to be approved by a court. Any person can execute a Power of Attorney to appoint a personal agent. Courts appoint guardians.
A general Durable Power of Attorney provides the attorney-in-fact with broad powers. However, a person can execute a Power of Attorney that specifically limits the powers and duties of the attorney-in-fact. It can be tailored to exactly meet the needs of the principal and it should be drafted by an attorney. A separate health care proxy that names a different individual could be drafted at the same time by the same attorney who can make certain the desires of the principal have been properly expressed and addressed and the powers of the two agents do not overlap.
Generally, every state has a section in the state laws that governs the powers of an attorney-in-fact under a Power of Attorney. Powers of Attorney grant sweeping powers and the attorney-in-fact should be chosen carefully. Generally, the power to designate beneficiaries is included, however, the AIF cannot name themselves as the beneficiary. You can perform an internet search for your state by entering the name of 'your state + statutory powers of attorney'. Then look for a link for an official state source.
Question?
The power of attorney represents a living person in business matters. The power of attorney will always end with the death of the grantor.
A living person can change their power of attorney at any time. Previous powers of attorney will become void.
Unless you were specifically granted a "General Power Of Attorney" your responsibility and powers extend only as far as to what was granted in the POA you possess. You should consult an attorney to have them read it for the specifics.