Before discussing the steps of obtaining a power of attorney, let us first know what is it.
Power of Attorney is a legal document, which enables legal rights to a person for carrying out all sorts of medical, financial, business or personal matters, on behalf of another person. The person who authorizes the other person is termed as the grantor, donor or principal, and the authorized representative carrying out this process is termed as the attorney-in-fact.
There are primarily four types of power of attorney:
Which grants the person to carry out all legal activities on behalf of another, without any restrictions.
Which allows a person to carry out legal decisions on behalf of another person, but within a defined purpose.
It can be both general or limited, and the person can remain in power until the grantor dies.
Springing power of attorney allows an attorney-in-fact to represent the grantor when the grantor becomes incapacitated.
Let us now discuss how to get a power of attorney.
Chalking out the need with your family members/loved ones
The most important step is discussing with your loved one to decide whether he/she wants you to take all the decisions on their behalf.
Selecting a reliable agent
It is very important to select a reliable agent to carry out the transfer of power. It is generally advised to hire an agent who is closely associated with your family for a long time.
Selecting the proper type
You need to take into all the factors before selecting what type of power of attorney will be best suitable for you and your loved ones.
Checking the state’s requirements
You need to analyze the requirements imposed by your state government on the power of attorney document.
You may need to contact a trust and estate attorney to ensure that the terms mentioned in your power of attorney document are compatible with the estate plans.
Rechecking the documents
After all the necessary documents are prepared, make sure you recheck them by the concerned agencies to remove any residual errors.
In many states, you need to gather two or three witnesses while signing the power of attorney document. The witnesses need to sign the document as well.
It is advised to sign the document in front of a notary, to make it more authentic and reduce the chances of getting it contested by foreign parties.