A legal document, a full power of attorney lets a principal or grantor provide an agent with the authority to deal with his own affairs. The agent or attorney-in-fact, who might be anybody chosen by the principal, is granted the authority to act on the behalf of the principal in varied circumstances. This document lets the agent get full authority from the principal to take medical, financial or other decisions for the latter. Generally, this is one of the estate planning documents and includes taking decisions related to the transfer and control of assets and money. Find out how it works. Please visit this site to get a sample power of attorney form in Virginia.
Consideration of all possible options
An individual generally considers his options with care prior to choosing to grant a full POA. This is because it offers authority to the agent to take decisions about all the situations impacting the principal. For instance, he might take decisions about medical treatment options, deal with the investments of the principal and also get access to his boxes of safe deposit.
Takes effect immediately after being executed
A full legal document templates power of attorney, in most cases, becomes effectual soon after being executed. However, it is not always the case. In a few situations, a grantor might like to make a POA that becomes effectual only when he cannot deal with his own affairs. Such a POA, referred to as a Springing POA, might be effectual once the grantor undergoes operation, gets ill and is likely to be incapacitated for some time.
Can be revoked whenever needed
Such a document might indefinitely stay in place, or get revoked at any time by the principal. For instance, it might be revoked by the principal in case he senses that the agent is not serving his purposes properly or in case he does not require help from the agent.
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