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January 8, 2014

When do I have to redraw my Power of Attorney?

When Do I Have to Redraw my Power of Attorney?

If you have created only a Limited Power of Attorney, it is likely that at some point when you, the grantor/ principal, become more weak and infirm, the Limited Power of Attorney will have to be redone– and what you need is actually a Durable Power of Attorney. Unless you know that you need to grant Power of Attorney for only a very short time (example: after an accident, or while you are away on a trip, or for certain tax forms within a specific period of time), a Durable Power of Attorney is the best kind to obtain. Also, remember that if the grantor/ principal is no longer competent, he or she cannot draft a Power of Attorney or make changes. A Durable General Power of Attorney gives the Attorney in Fact the power to act on the grantor’s/ principal’s behalf in situations involving finances and health care/ medical emergencies, and continues even when the grantor/ principal is no longer competent. Remember that the Attorney in Fact should be a trusted relative or close family friend who would normally handle these matters anyway. The well-drawn Power of Attorney simply gives the Attorney in Fact power–legally–to handle your affairs in the eyes of medical and financial institutions.

Tweets
(1) If you redraw your POA, do it while the principal is still competent, otherwise it is too late.
(2) The Attorney in Face should be a trusted relative or friend.

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January 2, 2014

How can a Power of Attorney be revoked?

Filed under: Power of Attorney — Tags: , — admin @ 12:54 am

HOW CAN A POWER OF ATTORNEY BE REVOKED?

Unless it is a Durable Power of Attorney, a Power of Attorney is fairly easy to revoke. A Power of Attorney may be set up to expire on a certain date or may be revoked by a written statement made by the principal as long as the principal is still mentally competent; if there is any question about this, the situation may become complicated because the Attorney in Fact may need to move to obtain a conservatorship or guardianship, or another family member may attempt to do so. If the principal is no longer competent to make decisions, someone may question his or her right to revoke the POA. Thus, if the parties are agreeable, it is an easy matter to revoke a Power of Attorney; however, litigation and court battles can arise if the principal wishes to revoke a Power of Attorney when he or she is no longer competent to make that judgment–no longer capable of managing his or her affairs.

Tweets:
(1) A Power of Attorney is fairly easy to revoke. It can have an expiration date or be revoked by a written statement.
(2) Litigation & court battles can arise if the principal wishes to revoke a POA after they are no longer competent.

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December 31, 2013

Where can I find someone to draft a Power of Attorney?

Where Can I Find Someone to Draft a Power of Attorney for Me?

The appropriate person to draft a Limited Power of Attorney or a Durable Power of Attorney is– an attorney! The best way to find an attorney is to ask someone you know who has been in a situation like yours and can recommend an attorney in your area. Another possible way to find an attorney is to look on the Internet. Websites such as USA.gov can help you find a reputable attorney http://www.usa.gov/topics/consumer/complaint/legal/find-attorney.shtml . Be sure you use a website where you can read reviews of the attorney from people who hired that attorney to draft a Power of Attorney or deal with similar issues you are facing. Also, you should call that attorney’s firm and see if they are pleasant and helpful, and will give you a free initial consultation on the phone. Use your instinct! If the law firm does not call you back or does not seem interested in your case– do not use that law firm. Google “Find an attorney in ________” and add your city and state. Then, search by the type of practice they do; usually attorneys who do Wills and Estate Planning will be the ones to call. In my experience, it is best to check several websites and call a number of attorneys. This project may take you several days, but it is the best way to find an attorney to draft a Power of Attorney. It is the same as choosing a notary: the ones with great reviews who answer the phone or call you back are the BEST!

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December 19, 2013

Do I need an Attorney to check my Power of Attorney Form?

Filed under: Power of Attorney — Tags: , — admin @ 1:07 am

Do I Need an Attorney to Check my Power of Attorney Form?

Yes. You would not give legal advice to anyone else unless you were an attorney, and you should not attempt to create legal wording for yourself, either. Have an attorney check your Power of Attorney form unless you are prepared to lose a lot of time and money. There are many stories on the Internet that attest to the fact that a poorly done Power of Attorney will be questioned by a bank or other institution, and will be virtually useless. If your Limited Power of Attorney or Durable Power of Attorney is not executed correctly, the agent or Attorney in Fact will be denied funds from the grantor’s/ principal’s bank account, for example, when the funds are needed in an emergency. You may also want to check with your bank, doctor, and local hospital to see what wording they accept in a Power of Attorney.

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December 12, 2013

Where can I find a Power of Attorney form?

Filed under: Power of Attorney — Tags: , , — admin @ 1:05 am

Where Can I Find a Ready-made Power of Attorney Form?

Some grantors or principals obtain a ready-made Power of Attorney from an office supply store or obtain one online from any number of vendors. You can google “Power of Attorney form.” This may seem like a quick and inexpensive way to create a Power of Attorney so that the principal or grantor may immediately grant powers to the Attorney in Fact. Some online vendors such as rocketlawyer can even customize your Power of Attorney so that the document will be more like what you would get by hiring an attorney skilled in drafting a Limited or Durable Power of Attorney.

However, what seems inexpensive may actually cost more in the long run if the document is not tailored to the specific needs and wishes of the grantor/ principal and Attorney in Fact involved. Particularly in dealing with elders, where the grantor/ principal may be weak and relatively helpless, a well-drafted Power of Attorney can prevent the Attorney in Fact from making mistakes or exercising powers other than what the grantor or principal actually intended.

This sample document–meant to be customized by filling in necessary stipulations and crossing out statements that do not pertain to your particular needs– demonstrates the complexity of drafting a Power of Attorney: http://www.lawyercox.com/Sample%20Power%20of%20Attorney.htm. There are many choices to be made and many types of wording that need to be included. In the long run, if assets and the life of the grantor/ principal are involved, it may be much better to find an attorney to draft a Power of Attorney that stipulates the particular powers you grant your Attorney in Fact.

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December 7, 2013

What rights does the Attorney in Fact have?

WHAT RIGHTS DOES THE AGENT or ATTORNEY IN FACT HAVE?

The agent is or Attorney in Fact is capable of making decisions for the principal in accordance with the scope of authority he or she was granted in the Power of Attorney, and may act as a kind of personal representative in business and other matters. These decisions may involve health care, as in the case of an elderly person or minor child, financial decisions, or both. The Attorney in Fact may act only in the capacity designated in the Power of Attorney–according to what rights were granted by the principal. An Attorney in Fact may not suddenly assume the power to make health care decisions on behalf of a deteriorating grantor, for example, if these rights were not granted in the original POA. On the other hand, if the Attorney in Fact has been granted the right to make health care decisions, these may include terminating medications or even life support. Only a Durable Power of Attorney can be used even if the grantor has become mentally incapacitated http://blog.123notary.com/?tag=durable-power-of-attorney. A Durable Power of Attorney very often grants rights to make both heath care and financial decisions, but it may also be for finances alone. In this case, the Attorney in Fact may use the principal’s assets to pay for necessary recurring expenses or medical care; may execute transactions at banks and financial institutions on behalf of the principal; may operate the principal’s business and handle all financial aspects of the business; may manage all finances and accounts that exist in the name of the principal; may transfer property to a trust already created; may buy and sell insurance policies; may collect, deposit, and spend government benefits such as Social Security and Medicare; may pay taxes on real estate and vehicles; may invest money in stocks and bonds; and may even hire an attorney to represent the principal in court. This type of POA may grant the Attorney in Fact the right to make health care decisions as well as financial decisions, yet all rights are set forth and may be limited at the beginning by the grantor. A Durable Power of Attorney, the most permanent and well-recognized type of POA, may confer the right to make all decisions except the power to make, change, or revoke a will; the right to vote; the right to arrange a marriage for the principal; and the right to change the beneficiary of an insurance policy.

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December 6, 2013

Can I draft a Power of Attorney for myself?

Can I Draft a Power of Attorney for Myself?

Anyone can always try to deal with the law on their own. You could draft a Power of Attorney and then have a lawyer check it before you use it. However, unless you have a thorough knowledge of your state’s laws, and have specific training or have done many hours of research on Powers of Attorney (Limited Power of Attorney vs. Durable Power of Attorney) and are sure of the correct wording, it is not advisable to draft your own Power of Attorney. Banks and other institutions may not recognize your Power of Attorney or the Attorney in Fact you chose if the language and format are not correct. If you are looking for a Durable Power of Attorney that will allow the Attorney in Fact to handle thousands of dollars and many transactions over a number of years, it makes sense to have the proper documentation.

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November 28, 2013

Who are all the parties involved in a Power of Attorney?

The Principal (also called the grantor) is the person who needs an agent to act on his/her behalf in dealing with legal, financial, and/or health care issues that ultimately involve signing documents, checks, and so forth.
The grantor grants power to the Attorney in Fact via the Power of Attorney document; the Attorney in Fact (also known as the agent or grantee) may then make decisions and sign on behalf of the grantor.

The Attorney in Fact (also called the agent or grantee) is the person designated in the Power of Attorney to act solely on behalf of the principal, avoiding any conflict of interest or personal considerations. The Attorney in Fact acts as a fiduciary, someone who can take care of money for the principal and whose judgment, advice, and assistance can be relied upon. If the fiduciary is, for example, the guardian of an estate, he or she must file a fiduciary bond with the probate court or judge. The Attorney in Fact may transact purchases and sales and financial affairs, and execute agreements.

An Attorney involved may be a family Attorney who drafted the Power of Attorney or one who represents the principal in other matters; by contrast, the Attorney in Fact is often a family member, and not an Attorney who represents the principal for a fee. All rights granted to the Attorney in Fact are set forth and may be limited at the beginning by the grantor; thus, the necessity of having a good Attorney draw up the Power of Attorney. The Attorney may be involved in creating legal remedies or documents that the Attorney in Fact will execute. There may also be an Attorney representing whatever entity (e.g, a bank) the Attorney in Fact works with on behalf of the principal.

The Notary may be involved in notarizing a Power of Attorney at a hospital signing. In this case, the notary may need to question the grantor sufficiently so that he or she is certain the grantor is doing this of his or her own free will and understands the nature of the powers granted to the Attorney in Fact, and the notary must record any observations in the notary journal. As a notary signing agent, the notary must also ID an Attorney in Fact who acts on behalf of the borrower at a signing. In such a case, be advised that the notary’s job is to identify the signer, not to verify his or her capacity http://blog.123notary.com/?p=2632 .

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November 23, 2013

General Power of Attorney Information

The phrase “Power of Attorney” refers to a notarized document, a written authorization that grants certain rights to an agent, called the Attorney in Fact, acting on behalf of the principal or grantor; an agent or Attorney in Fact may be said to “hold a Power of Attorney.” This principal or grantor who allows the Attorney in Fact to represent him/ her in this manner must be of sound mental capacity at the time the document is drafted. The grantor or principal may be a person who is temporarily incapacitated or an elderly or disabled person who is not physically competent to carry out the required tasks. Or the grantor may find certain tasks difficult because of failing but not impaired mental capacity (ex: writing checks and keeping a record of those), and thus must appoint an agent, someone who is a competent fiduciary. This attorney in fact or agent is authorized to perform tasks according to his or her scope of authority. On behalf of the principal, the Attorney in Fact may be authorized to perform all or any tasks such as making health care decisions or making financial decisions; a limited Power of Attorney may give the Attorney in Fact restricted powers such as the power to handle only certain aspects of the finances or the power to handle only the heath care decisions. The principal has the right to revoke the Power of Attorney at any time (see below RE HOW CAN A POWER OF ATTORNEY BE REVOKED?). The Power of Attorney was formerly called an Instrument Under Seal.

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November 7, 2013

Rich man poor man: Market Yourself to the Wealthy

Filed under: Ken's Blog,Popular Entries — Tags: , , , , — admin @ 10:24 pm

Rich Man Poor Man

Here is some shocking news – wealthy people have an easier time paying a higher notary fee compared to poor people. Wow! Whatta surprise. Pardon my obvious statement. But I do wonder why so many notaries are struggling with signing service fees – fees paid by little entities with balance sheets that are awash in red ink. Do you have a signing service in your town? Probably not, but you do have many wealthy people whose time is very valuable. Now you know the secret of collecting those higher and much easier to earn fees. Market yourself to the wealthy. It’s that simple. It’s the opposite of going, as a notary to the poorhouse seeking clients. Who are the wealthy? You already know – but might not know just why they need you. Let’s take some time out from the signing rat race, step out of the maze and let me show you the shortcut to the cheese.

I had a fellow who gave me over 17 Apostille assignments for an adoption. He needed various doctor statements to be notarized and receive an Apostille. My fee for each, no discounting; was on the high side for an edoc job. However, the work was much quicker and cleaner. He was a –big shot – stockbroker. He worried about missing an important call and losing a commission that would have been over 6 months of earning – for me. But, not for him; he makes that much money in the course of a 15 minute phone call. I know this for a fact as he told me – while paying me – how he just made several thousand dollars. He even gave me a Franklyn for a tip!

Attorneys often receive Power of Attorney; to sign papers for their clients. The high profile client does not want to hunt for a notary. The Attorney of record, as involved in the transaction cannot notarize the client giving him the power – so an outside notary is needed. Enter the mobile notary, me, to their office. Of course they have others who usually handle this, but sometimes they are on vacation or out sick – I get the call. Doctors, will not go hunting for a notary – they like to have a card on file of a reliable notary who will go to them.

Everyday shopkeepers, who must –mind the store- often have legal documents that must be notarized. The needs vary greatly – the common thread is that their time is worth more than your time. They can pay me XX which is very much worth my while to go to them – and that XX is less than the revenue they would lose by going to find a notary. Clearly, this works best with people whose time is one of their most valuable assets. As a http://newyorkmobilenotarypublic.com I probably have more rich people here in Manhattan compared to most places. But the concept is applicable in your home town too. Give a card to the general manager of the large Big Box stores in the local shopping centers. I sure don’t have many WalMarts in Manhattan. That person is busy, very busy – and is likely to need a notary now and then but do they have your card? That person pays to save time using company money – it’s not out of the managers’ pocket – does that matter to you.

To harp on the point. Seek out the wealthy who have little time to spare and more money to spend. When you run out of wealthy prospects seek out those who can pay using –company money- to save their personal time. Trust me on this – it is very pleasant to work with these people. They are very appreciative of your services, and are willing to pay fair rates. Now compare what I have written above to a discussion with El Cheepo signing as you beg for an additional ten dollars for faxing 50 pages. Are you marketing yourself wisely to the right prospects?

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