If the principal is paying the agent for their services or any expenses related to the agent performing their duties, this should be outlined in the document.īoth the principal and the agent need to sign the Power of Attorney to show that they agree and accept all terms This can sometimes be as simple as "when the POA responsibility has been completed." The agreement should include an expiration date or a description of how the POA ends. These powers will vary depending on what type of Power of Attorney is being executed. The specific powers are the responsibilities that the principal is granting the agent. It is important to identify these two parties. The principal and agent's names and addresses should be at the top of the Power of Attorney. ![]() Some POAs will have a specific start date, and that also needs to be included. The document needs to be dated when it is signed. The form or document should have a title that describes whether the POA is a General, Durable, Medical, Special, or Springing Durable Power of Attorney. While the contents of a Power of Attorney document will vary based on the type of Power of Attorney and the specific needs of the principal, most POA's include the following basic information: What's Typically Included in a Power of Attorney Power of Attorney cost depends on different factors like the complexity and length of the document. It is imperative that the Power of Attorney is drafted correctly and the document clearly expresses your wishes about what powers to grant your agent and in what areas their authority is limited.īased on data from ContractsCounsel's marketplace, the average cost of a project involving a Power of Attorney is To draft a Power of Attorney is highly encouraged because this contract is an important document that gives another individual the power to make crucial decisions in your life. ![]() ![]() There are five common types of Power of Attorneys:Įach of these agreements serves a different purpose and grants the agent different levels of authority. The agent-in-fact can make decisions on behalf of the principal in the areas of property, finances, or medical decisions depending on the power of attorney's permissions. , often abbreviated to POA, is a legal document that gives one person the power to act for another person. Let's explore this question and review some general information about Power of Attorneys. What does a Power of Attorney cost? When you need a Power of Attorney drafted, it is common to wonder how much it will cost to obtain this important document.
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