The financial transactions include, but are not limited to, Financial AffairsĪ durable or general power of attorney allows for any type of financial transaction to be handled by someone else. Any person who should become incapacitated through an accident or illness would need to make arrangements beforehand for their financial and medial affairs. Why Have Power of Attorney?Īccidents happen. Otherwise, it will only cancel upon the death of the Principal. Step 5 – Cancelling Power of AttorneyĪ Principal may terminate this arrangement by signing a Revocation Form. A power of attorney does not need to be recorded with any government office and is primarily held by the Principal and Agent(s). It is important for all parties involved to have copies of their form. Step 4 – Holding and Accessing Original Copies In most cases, a Notary Public will need to be used or Two (2) Witnesses. Step 3 – Signing RequirementsĪfter completing, you and the Agent(s) selected will need to check the bottom of the form for the requirements for authorization. *Incapacitation is defined as not being able to make rational and cognitive decisions knowing full-well of the consequences of such decided actions.
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