How To Set Up a Power of Attorney

1
How To Set Up a Power of Attorney
2

• The best way of ensuring that you set up a power
  of attorney in the right way by conforming with
  the requirements of your specific state 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.
• Its 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.

3

• Below is some basic guidance for setting up a
  power of attorney, but for further, more detailed
  instructions, you can seek help from a law or
  accounting firm
• State law and procedures for POAs differ from
  state to state no one form exists to suit all
  requirements
• Almost all states accept some version of the
  durable power of attorney
• When it comes to certain key powers, such as the
  following
• Making, amending or revoking a will
• Contracting a marriage
• Voting

4

• they are not able to be delegated, and while the
  specific details may vary, the rules listed below
  typically apply throughout the US
• POAs should be put into writing
• 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
• The proper format must be used
• Its 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.

5

• Relevant parties must be correctly identified
• 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.
• Powers must be clearly delegated
• While POAs can be broad or limited, its
  important to clearly state what each specific
  power is.

6

• If the POA is durable, this must be stated
• 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
  durable. This designation means that the POA
  lasts for the principals lifetime, unless they
  choose to revoke it.
• POAs should be notarized
• Whether a state requires a POA to be notarized or
  not, it generally makes things easier for the
  agent if the document has a notarys seal and
  signature on it.

7

• POAs should be recorded
• While not all POAs must be formally recorded in
  order to be legal, its standard practice for
  many estate planners and individuals wanting to
  ensure that a formal record of the document
  exists.
• Some POAs should be filed with a court or
  government office
• In some states, POAs must be filed with a court
  or government office in order to be made valid,
  so its important to check this with an attorney
  or legal advisor.

8

• To download the correct POA form for your state,
  check with a local law or tax preparation firm,
  and always seek the proper advice before going
  ahead.
• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax services Miami. If you
  are looking for individual accountant in Miami,
  Heyer Associates would be a right option.