The client can sign a standing power of attorney for health care or a power of attorney for health if they want a substitute decision-maker to have the authority to make health decisions. This document, also known as a power of attorney for health, describes the client`s consent to grant power of attorney privileges to the agent in the event of an unfortunate health problem. The continuing power of attorney for health care is required by law to oversee medical care decisions on behalf of the client. You may not use the Client`s assets for your benefit or to give you or any other person major gifts, unless the Client has expressly granted you such power of attorney in such power of attorney or in a major gift endorsement attached to such power of attorney, as required by law. If you have such authority, you must act in accordance with the Customer`s instructions or, in the absence of such instructions, in the best interests of the Customer. You may withdraw by written notice to the Customer and any Co-Agent, successor Representative, Controller if such has been named in this document, or to the Customer`s guardian if appointed. If there is something in this document or your responsibilities that you do not understand, you should seek legal advice. Although you can appoint multiple agents, decide whether these agents should act together or separately when making decisions. Multiple agents can ensure more informed decisions and act as controls against each other. The downside is that multiple agents may disagree, and one person`s schedule can potentially delay important transactions or signing legal documents. Suggest powers of attorney customized for their needs. There are many types of powers of attorney, and a person can have several.
While a general power of attorney allows the agent to interact with the authority of the creator of the power of attorney in all matters, a special power of attorney may limit this power to a specific matter, such as managing an investment account, or to a limited period of time, such as while the creator of the power of attorney travels abroad. A general power of attorney is an effective tool if you are out of the country and need someone to handle certain issues, or if you are physically or mentally unable to manage your affairs. A general power of attorney is often included in an estate plan to ensure that someone can handle financial matters. When it comes to legal liability, an officer is only responsible for intentional misconduct, not for doing something wrong without knowing it. This protection is included in power of attorney documents to encourage people to take responsibility for the agent. Officers are generally not paid; Most do it for free. As a customer who signed the power of attorney, you can revoke it at any time. We recommend that you consult legal counsel for assistance in obtaining the appropriate documentation. Before making an appointment, you should consult with a trusted legal advisor to confirm that the document is up to date and meets the requirements of your state`s laws. These may include: If you have property that is only in your name, your spouse will need a power of attorney to bring a legal or financial action related to that property (such as sale). A power of attorney can provide both convenience and protection by giving a trusted person the legal authority to act on your behalf and in your interest.
Adult children who are both completely trustworthy and able to fulfill your wishes can file the best agent under your power of attorney. But don`t call someone the agent just because they`re your child. Make sure your agent is trustworthy and capable, as a first requirement, regardless of the person you appoint. Signing a power of attorney can allow an agent to act on your behalf in financial matters such as filing taxes, selling real estate, refinancing a mortgage, and depositing or cashing cheques. You can discuss your power of attorney options with us at an appointment at your local financial centre (if you are a Merrill Lynch or private bank client and have questions about the power of attorney and your accounts, please contact your advisor for assistance). The sale of real estate (personal and real), the management of real estate, the collection of debts and the settlement of business transactions are some of the common issues specified in a special power of attorney. In order to establish a legally binding power of attorney, the contracting authority must have sufficient mental capacity at the time of drafting the document. This means that they must have a good understanding of the nature and impact of the document. It also means that if you have a sick relative who is already unable to work, you cannot receive a power of attorney to act on their behalf. The only legal requirements to be an agent are that the person be of sound mind and at least eighteen years old. Your agent should be someone you trust. Your agent is required by law to act in your best interests, keep records of transactions, not mix your property with theirs and not enter into a conflict of interest.
However, an agent still has the potential to act illegally, so it`s important to trust the person you choose. If there is something about this document or your duties that you do not understand, you should seek legal advice. This power of attorney allows another person (your attorney) to make decisions about your property for you (the client). The importance of authority over the persons listed on this form is explained in the Alabama Uniform Power of Attorney Act, Chapter 1A, Title 26, Alabama Code 1975. This power of attorney does not authorize the officer to make health care decisions for you. These powers are subject to other applicable laws. You should choose someone you trust to serve as your agent. Unless you tell us otherwise, the agent`s authority generally remains in place until you lose legal capacity, die or revoke the power of attorney, or the agent resigns or is unable to act on your behalf. Your representative will be entitled to reimbursement of reasonable expenses and reasonable compensation, unless you tell us otherwise. This form provides for the appointment of one or more representatives. Co-agents are not required to act together unless you include this requirement. If all of your agents or co-agents are unable or unwilling to act on your behalf, your power of attorney ends.
This power of attorney is effective immediately, unless you tell us otherwise. If you have questions about the power of attorney or power of attorney you give to your attorney, you should seek legal advice before signing this form.