Power of Attorney
A power of attorney is a written document by which the principal gives the attorney-in-fact the authority to act on the principal’s behalf in one or more financial or healthcare matters. Three levels of power of attorney are available: general, limited and standby power of attorney.
The power of attorney can grant the attorney-in-fact one or all of the following:
• Open, maintain or close bank accounts or brokerage accounts
• Sell, convey, lease or maintain real estate
• Access to safe deposit boxes and their contents
• Make financial investments
• Borrow money, mortgage property, or renew or extend debts
• Prepare and file federal and state income tax returns
• Initiate, defend, prosecute, or settle any lawsuit
• Start or carry on business
• Employ professional and business assistance including: lawyers, accountants, real estate agents, etc.
• Apply for benefits and participate in governmental programs
• Transfer to a trustee any and all property; and
• Disclaim part or all of an inheritance
General power of Attorney
• Ceases upon death
Limited power of attorney
• Duties specific to written document
Durable and standby power of Attorney
• Effective even if disabled or incapacitated
• Effective upon occurrence
