Briefly, power of attorney is a legal document, in which the principal owner transfers some powers to the 'agent' to act on their behalf. The power of attorney can be general or custom-made for particular transactions. Attorney forms are available for free on the internet. For the general types, download free general power of attorney form or the blank power of attorney form. Depending on the legal transaction, the 'principal' can add clauses to the document. Each state has their own laws and it is advised to seek help of a professional attorney for these dealings. However, if you just want an idea then below are given some factors that constitute the two.
- Revoking all power held by the principal benefactor and assigning to the agent to continue business on the principal's behalf. These may include operating bank accounts, brokerage accounts, making financial transactions to banks and other companies, conducting withdrawal and deposits, creating bank statements, and others.
- Power to buy and sell property or invest, adhering to the principal's interest. Some general power of attorney form also includes the clause of issuing life insurance policies in the name of the 'principal' benefactor. The 'agent' can take recourse to settling debt claims and collect any debt amount owed to the 'principal', and also sign binding contracts.
- The 'agent' can sign government documents, taxation statements, and have access to government information. Agent can file tax returns with the state, local, and federal institutions. He is also liable to supply the government with information in matters of social and military benefits. The 'agent' can conduct charitable acts with the 'principal' assets and have the power to send gifts to family members, which shall be included in the clause.
However, the blank attorney power also mentions that the agent will be liable for legal proceedings in matters of misconduct and misappropriation of funds and assets.
Pinky Savika has been writing articles for more than 5 years. Not only does this author specialize on the subjects of health, diet, fitness and weight loss, you can also look at her latest articles about Attorney Form Power [http://www.blankpowerofattorneyform.com] which give you information about power of blank attorney form, and General Attorney Power [http://www.freegeneralpowerofattorneyform.com] which give you information about general power of attorney form.
Article Source: http://EzineArticles.com/expert/Pinky_Savika/407162
No comments:
Post a Comment