A written document in which a competent adult individual appoints another competent adult individual to act on the principal's behalf is known as Power of Attorney. Generally, an attorney-in-fact may fulfill any lawful function or task which the principal has a lawful right to do for him/herself. It is possible that a principal may cancel a power of attorney at any time for any reason. Accordance with the needs of the principal, powers can be very broad or very narrow. And it is granted on a power of attorney document.
The power of attorney has to be properly prepared and executed. This is because the lack of this can cause extreme difficulties when an individual is stricken with severe illness or injury rendering him/her unable to make decisions or manage financial and medical affairs.
The inconvenience and cost of lawful proceedings can be avoided with advance preparation of the power of attorney. Thus this have to be done while the principal is competent, attentive and aware of the consequences of his/her decision. Besides, the Power of Attorney can be effectual immediately upon signing or only upon disability. The following are examples of legal powers contained in the Power of Attorney:
 Real Estate
That is to execute all contracts, deeds, bonds, mortgages, notes, checks, drafts, money orders, and to lease, collect rents, grant, bargain, sell, or borrow and mortgage, and to manage, compromise, settle, and adjust all matters pertaining to real estate.
Endorsement of Notes, etc
It includes making, executing, endorsing, accepting, and delivering any and all bills of exchange, checks, drafts, notes and trade acceptances.
Stocks, Bonds, and Securities
It means selling any and all shares of stocks, bonds, or other securities now or hereafter, that may be issued by an association, trust, or corporation whether private or public, and to make, execute, and deliver any assignment, or assignments, of any such shares of stock, bonds, or other securities.
Contracts, Agreements, etc.
This is to enter into safe deposit boxes, and to make, sign, execute, and deliver, acknowledge, and perform any contract, agreement, writing, or thing that may, in the opinion of my Agent, be necessary or proper to be entered into, made or signed, sealed, executed, delivered, acknowledged or performed.
Bank Accounts, Certificates of Deposit, Money Market Accounts, etc.
This includes adding to or withdrawing any amounts from any of my bank accounts, Certificates of Deposit, Money Market Accounts, etc. on my behalf or for my benefit. To make, execute, endorse, accept and deliver any and all checks and drafts, deposit and withdraw funds, acquire and redeem certificates of deposit, in banks, savings and loan associations and other institutions, execute or release such deeds of trust or other security agreements as may be necessary or proper in the exercise of the rights and powers herein granted.
Tax Returns, Insurance and Other Documents
This is to sign all Federal, State, and municipal tax returns, insurance forms and any other documents and to represent me in all matters concerning the foregoing.
Your task is to contact your attorney to have a Power of Attorney Prepared, together with a Will, Living Will and other vital Estate Planning documents.
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