{"id":645,"date":"2021-12-02T10:59:09","date_gmt":"2021-12-02T10:59:09","guid":{"rendered":"https:\/\/www.heyerinc.com\/blog\/?p=645"},"modified":"2021-12-02T10:59:09","modified_gmt":"2021-12-02T10:59:09","slug":"how-to-set-up-a-power-of-attorney","status":"publish","type":"post","link":"https:\/\/www.heyerinc.com\/blog\/2021\/12\/02\/how-to-set-up-a-power-of-attorney\/","title":{"rendered":"How To Set Up a Power of Attorney"},"content":{"rendered":"<p style=\"text-align: justify;\">The best way of ensuring that you set up a power of attorney in the right way &#8211; by conforming with the requirements of your specific state \u2013 is to seek help from a firm who specialize in family law, or one that offers a range of tax services and advice. Many of the latter will be able to supply you with a power of attorney template to match your states requirements.<\/p>\n<p style=\"text-align: justify;\">It\u2019s important to note that in some states, the signature of the principal (as in, the person who initiates the POA) must be notarized, and that witnesses signatures be notarized, too.<\/p>\n<p style=\"text-align: justify;\">Below is some basic guidance for setting up a power of attorney, but for further, more detailed instructions, you can seek help from a<a href=\"https:\/\/www.heyerinc.com\/cloud-accounting.htm\"> law or accounting firm<\/a>:<\/p>\n<ul style=\"text-align: justify;\">\n<li>State law and procedures for POAs differ from state to state; no one form exists to suit all requirements<\/li>\n<li>Almost all states accept some version of the durable power of attorney<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">When it comes to certain key powers, such as the following:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Making, amending or revoking a will<\/li>\n<li>Contracting a marriage<\/li>\n<li>Voting<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">they are not able to be delegated, and while the specific details may vary, the rules listed below typically apply throughout the US:<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>POAs should be put into writing<\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Oral POA grants may be accepted in some areas of the country, but in general, it pays to have written clarity top avoid confusion or arguments<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>The proper format must be used<\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">It\u2019s really important that you decide what powers you wish to grant, and ensure that a POA is made specific to those wishes. You must also use the correct form for your state, otherwise it will not be accepted by a local court of law. An attorney or accounting specialist can help you with this.<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>Relevant parties must be correctly identified<\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The principal is the person granting the POA, while the person who receives the power of attorney is the agent, or attorney-in-fact; specific terminology may be required in your state.<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>Powers must be clearly delegated<\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">While POAs can be broad or limited, it\u2019s important to clearly state what each specific power is.<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>If the POA is durable, this must be stated<\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">While a power of attorney typically terminates if the principal is incapacitated in some way, an agent is able to keep their powers provided the POA was written with an indication that it is \u2018durable\u2019. This designation means that the POA lasts for the principal\u2019s lifetime, unless they choose to revoke it.<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>POAs should be notarized<\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Whether a state requires a POA to be notarized or not, it generally makes things easier for the agent if the document has a notary\u2019s seal and signature on it.<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>POAs should be recorded<\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">While not all POAs must be formally recorded in order to be legal, it\u2019s standard practice for many estate planners and individuals wanting to ensure that a formal record of the document exists.<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>Some POAs should be filed with a court or government office<\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">In some states, POAs must be filed with a court or government office in order to be made valid, so it\u2019s important to check this with an attorney or legal advisor.<\/p>\n<p style=\"text-align: justify;\"><strong>To download the correct POA form for your state, check with a local law or <a href=\"https:\/\/www.heyerinc.com\/income-tax-preparation-services.htm\">tax preparation firm<\/a>, and always seek the proper advice before going ahead. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The best way of ensuring that you set up a power of attorney in the right way &#8211; by conforming with the requirements of your specific state \u2013 is to seek help from a firm who specialize in family law, or one that offers a range of tax services and advice. Many of the latter will be able to supply you with a power of attorney template to match your&#8230; <a class=\"more-link\" href=\"https:\/\/www.heyerinc.com\/blog\/2021\/12\/02\/how-to-set-up-a-power-of-attorney\/\">Read More<a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4,1],"tags":[],"class_list":{"0":"post-645","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-best-business-practices","7":"category-uncategorized","8":"entry"},"_links":{"self":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts\/645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/comments?post=645"}],"version-history":[{"count":0,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts\/645\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/media?parent=645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/categories?post=645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/tags?post=645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}