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Power of Attorney
Get Help From an Experienced Utah Estate Planning Attorney
A power of attorney is a legal document that grants a person (the “agent” or “attorney in fact”) the authority to act on behalf of another (the “principal”). This can be an important part of estate planning, as it enables a person to select a trusted individual to act as their attorney in fact in the event of mental or physical incapacity.
A power of attorney can be created in such a way as to address the principal’s specific needs and concerns. It can be broad or limited, truly personalized to provide the greatest benefits. If you are interested in finding out more about creating a power of attorney and what advantages it may offer you, a Utah estate planning attorney at Pearson Butler can offer the experienced insight you need.
Contact the firm today by calling (800) 265-2314, or continue reading for helpful information on this subject.
Defining the Responsibilities of an Attorney in Fact
After selecting a trusted family member, friend, or associate to act as the attorney in fact, it will be important to clearly define their rights and responsibilities. Nothing should be left open to interpretation, as this can only lead to disputes and other problems in the future.
A power of attorney may allow the attorney in fact to perform various tasks, such as:
- Managing bank accounts
- Handling investment accounts
- Selling real property
- Running a business
- Applying for public benefits
In managing the principal’s affairs, the attorney in fact must act in the best interests of the principal and within the confines of the terms of the power of attorney.
Can a Utah Power of Attorney Be Revoked?
If the principal has sufficient mental capacity, a power of attorney may be revoked or altered at any time It is recommended to destroy the original power of attorney and its copies.
What is the Difference Between a General and a Limited Power of Attorney?
The primary difference between a General and a Limited Power of Attorney lies in the scope of authority granted to the agent. A General Power of Attorney provides broad powers, allowing the agent to manage nearly all aspects of the principal's affairs, including financial transactions, property management, and legal decisions. Conversely, a Limited Power of Attorney grants the agent authority over specific tasks or for a defined period.
For example, a limited POA might allow the agent to handle a real estate transaction or manage certain financial accounts while the principal is traveling abroad. Both types of POAs must be signed by the principal and notarized to be valid in Utah.
What Are the Requirements for Creating a Valid Power of Attorney in Utah?
In Utah, creating a valid Power of Attorney requires the principal to be mentally competent at the time of signing. The document must be in writing and clearly state the powers granted to the agent. It must also be signed by the principal and notarized to be legally binding. While not required, having the POA witnessed can add an extra layer of validation.
If the POA includes the power to deal with real estate, it must be recorded with the county recorder’s office in the county where the property is located. It is also advisable to ensure that all relevant parties, such as banks and healthcare providers, have copies of the POA to facilitate smooth transactions.
Can Multiple Agents Be Appointed in a Power of Attorney?
Yes, multiple agents can be appointed in a Power of Attorney in Utah. When appointing multiple agents, the principal can specify whether they are to act jointly or independently. Joint agents must make decisions together and both must agree on any action taken on behalf of the principal.
On the other hand, independent agents can act separately without consulting the other. It is important to clearly outline the roles and decision-making authority of each agent in the POA document to avoid potential conflicts and ensure smooth management of the principal’s affairs.
For experienced help with a power of attorney in Utah, call Pearson Butler at (800) 265-2314. The firm serves all of Utah.
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