Powers of attorney are useful for everything from real estate transactions to healthcare decisions. A person that gives someone a power of attorney is a “principal.” The person that receives that power of attorney is an “agent” (also “attorney in fact”). The agent has a fiduciary duty to the principal to act in the principal’s best interests (this isn’t necessarily the same as what the principal wants).
Contrary to popular belief, as long as you’re competent, your attorney in fact can’t force you into a looney bin. You can revoke a power of attorney at anytime by letting your attorney in fact know that you’re revoking the power of attorney (note: third parties to a real estate transaction can rely on a power of attorney filed with the register of deeds until a revocation is filed with the register of deeds).
You should always consult with an attorney before executing a power of attorney. An attorney can tailor a power of attorney to your specific needs and answer any questions that you may have.
If you are interested in learning more about powers of attorney, contact me today. I draft these documents for as little as $50 each.
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