June 03, 2020, Pennsylvania, USA
Have you been searching form the Pennsylvania power of attorney form template? Now it is readily available at Forms. Legal. Before you start filling it out, here are a few things that you should know about it.
Legal Document: POA is a legal document using which you can appoint a person or the organization to manage the property, financial, or medical decisions if you are unable to do so. But not all POAs are alike. Each type gives the agent a different level of authority.
General Power of Attorney: It gives wide-ranging powers to a person or organization who will act on your behalf. These powers are handling financial and business transactions, buying life insurance, settling the claims, operating the business interests, making gifts, and so on. It is a useful way to get things managed when you are not there or if you are incapacitated. When estate planning is undergoing, the general power of attorney is included to ensure that there is someone who handles the financial matters.
Special POA: It is not necessary to specify the exact powers to the agent. You can determine what powers an agent will get by using the special power of attorney. It is primarily used when you find it challenging to manage things on your own due to complications, or you are unable to do so. The powers may allow the agent to carry out real-estate transactions, collect debts, and handle the business transactions.
Healthcare POA: A healthcare power of attorney allows the agent to make the medical decisions for you when you are unconscious and are mentally incompetent or unable to make the decisions on your own. It isn’t a Living Will. In it, you can include the preference for being kept on life support. Laws of state even allow you to combine the living will and healthcare PA to come with a healthcare directive.
Durable POA: If you become mentally incompetent due to some illness or accident after giving the POA, will the document remain valid? It’s where a durable power of attorney comes to your help. It may be a general or special or healthcare POA which comes with a durability provision to keep the current POA valid and effective. You can give a durable POA in anticipation of any mental illness or injury. You can specify the additional clause that a power of attorney can’t come into effect until a doctor gives a certification of being incompetent. Specify the name of the doctor who will ensure this, or you can put a condition that two physicians agree on the mental state.
Choosing the Right One. When you are selecting an agent for the POA, trust has a significant role to play. Will the agent whom you are going to select will work in your best interest, will respect your wishes, and will not misuse the powers given to him. If the agent undertakes any transactions, he should maintain the complete record of the same and should inform about them regularly. If you are unable to review these updates, you can involve a third party to ensure your sanity. The agent will be held responsible for any intentional misconduct and not for actions taken mistakenly. This protection is there in the POA documents to ensure that the agent isn’t threatened. Most agents take responsibility for free.
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