 |
 |
 |
Download power of attorney template in Microsoft Word format.
Put Your Mind at Ease with a Power of Attorney Template
Are you in need of a power of attorney template to conduct a temporary or permanent transfer of power from one individual to another? If so, the following information may be very useful. In this article we will briefly define the power of attorney process and give you a few samples of what should be included on a power of attorney template.
What is Power Of Attorney?
A power of attorney, also known as a POA, is a written and legal document which gives another person whom you designate, the power to act on your behalf in conducting any legal transactions. The person relegating the authority in a power of attorney transaction is commonly known as the “principal,” while the person assuming the responsibility to act on behalf of the principal is known as the “agent” or “attorney-in-fact.”
The power of attorney document is a legally binding agreement, and although there are several different classifications of power of attorney, including a general power of attorney and medical power of attorney, the document generally gives permission for the agent to do all of the following for the principal:
- Lease, purchase or exchange real and personal property
- To conduct commodity and bond transactions
- To conduct banking transactions, including deposits, withdrawals and transfers between accounts
- Operate businesses and conduct insurance transactions for the principal
- Prepare documents such as applications for Social Security
- To prepare and file taxes on the principal’s behalf
- To employ any agents necessary in all of the above transactions, including attorneys and accountants
The Power of Attorney Template
In order to allow the agent to conduct the above transactions, the power of attorney must be in written form. Below are just a few of the items that should appear on the power of attorney template you choose:
- Names and Contact Information. The names and contact information of both the principal relegating control and the agent assuming it should be clearly printed on the top of the document.
- Secondary Agent. Most power of attorney templates will have a space to list a secondary agent should the primary agent become incapacitated for any reason.
- Duties. The responsibilities and duties, some of which were listed previously, should be clearly listed on the power of attorney template.
- Signature. Any power of attorney form should have spaces for three signatures. One each for the principal and agent, as well as a space for a person witnessing the signing of the document.
- Notary Public. Most power of attorney templates will have a space where the document can be officially notarized by a practicing notary public.
Power of attorney templates can usually be purchased in most office supply stores, however, if you are looking for a free template you can usually find on online by merely typing in a few relative keywords.