Monday, February 20, 2012
Durable Limited Power of Attorney Forms - When to Use
When you would like to allow someone else to have the authority of acting on your behalf, you will have to use a legal document called a power of attorney. It is widely used legal form for any circumstance where there is a need for owner's signatures to make the contract legally binding. When a person signs the power of attorney form, he or she will be granting the legal authority to another individual to be able to stand in the owner's shoes; therefore he/she could act legally for the benefit of owner. In this situation, the person receiving the power of attorney is called attorney-in-fact. Contrary to many people's belief, the person doesn't have to be a lawyer in order to be the recipient.
In many occasions, power of attorney forms are very useful and popular among those who are especially interested in their own asset distribution or inheritance. The forms also can be used to give an authority to someone else to sign particular documents in case you are not able to be present but your signatures are required.
There are few different types of power of attorney forms, such as unlimited power of attorney, limited one and durable unlimited one. Among them there is one called durable limited power of attorney. With this form, you are providing for a limited grant of authority to another individual for very specific reasons. You are designating a person to act for you in a particular occasion, in a very specific manner and you can actually limit the activity that the person will perform. Therefore there are a lot more details described in the document and certainly there will be a limitation.
But this legal form and the contents inside will remain effective even though you become disabled or incapacitated, thus allowing the assigned person to act on your behalf in case of your losing ability. Your attorney-in-fact can keep the authority that is already given through the document and remain valid even if the power is limited. In order for this to be complete, the both parties' names and addresses should be clearly written on the document and signatures are required at the time of signing. Also there should be a full detailed descriptions and outlines of work area described on the document. Usually the owner's signature should be notarized and two other witnesses will be accompanied when the document is complete. In that case, the person who will receive the document is not eligible for being one of the witnesses.
Article Source: http://EzineArticles.com/4873247
Posted by Rene at 5:00 AM