Entrusting someone to attend to your finances on your behalf is the most effective way to secure your wealth from collapse. To do that, you have appointed someone that holds your utmost trust and confidence in running your financial estate in case you are out of town, or worse, have gone mentally ill. Subsequently, you also hired the services of a lawyer to advise you in the preparation of a will in the event of your untimely demise. But for the time being, your lawyer strongly recommended that you prepare a general financial power of attorney instead.
What Is a General Financial Power of Attorney Form
A General Financial Power of Attorney is a power of attorney used explicitly in entrusting the authority to attend to financial matters on your behalf. It means that it grants the assigned the right to manage your finances in case of temporary absence or incapacity. This legally binding document states the duties, rights, and limitations of the entrusted. It also states the conditions of when and how this document and its stipulations would take effect. Lastly, the qualifications for its nullity are also clearly expressed in this document. Like any legal document, this type of power of attorney is also required to be notarized to be legally binding.
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General Financial Power of Attorney Scope and Limitations
A General Financial Power of Attorney functions similarly like any General Power of Attorney. However, this document is used mainly in entrusting another party to manage your finances on your behalf. It also shares the same duties and limitations with a general power of attorney, as well. Another similarity are the parties involved, the principal and the attorney-in-fact. The principal is the person entrusting the estate while the attorney-in-fact is the one assigned with managing the estate. Lastly, this document nullity takes effect in the event of the principal’s death. Written below are its scope and limitations.
1. Conditions to Take Effect
A General Financial Power of Attorney takes effect depending on the conditions set by the principal. In most cases, the principal’s absence is set as the condition for the power of attorney to take effect. The principal’s absence means the temporary incapacity to attend to his/her commercial estate. Illness and hospitalization of the principal don’t qualify as incapacity, thus does not affect the effectiveness of a power of attorney.
2. Delegation of Powers
Among the features of this power of attorney, is the delegation of power. It means the granting of the same power that the principal has over its financial estate to the attorney-in-fact. These powers may include decision making and executory powers over the principal’s financial estate. However, these powers are limited within the scope and specifications of a power of attorney.
3. The Durability of its Powers
The durability of the general power of attorney pertains to the extent of powers granted by the principal to the attorney-in-fact. In general, the durability of the general power of attorney is only dependent on the principal’s capacity and ability to make decisions. It means that in case the principal falls into a coma, becomes mentally unreliable, or dies, the durability of the document will be extinguished, thus rendering it null and void. A Durable Power of Attorney, however, prevents the extinguishment of a power of attorney in case the principal’s permanent incapacity.
How to Make a General Financial Power of Attorney Form
A General Financial Power of Attorney enables you to prepare for the eventuality of being unable to attend to your financial estate. To ensure that your financial estate doesn’t collapse and are in safe hands, Here are the steps on how to make a general Financial Power of Attorney.
Step 1. Consult a Lawyer First
The first step in the execution of a General Financial Power of Attorney is to consult a lawyer first. Consulting a lawyer beforehand enables you to have a clear picture of how to execute a General Financial Power of Attorney. Also, a Lawyer is in the perfect position to give you advice on appointing an attorney-in-fact and the qualifications of its appointment.
Step 2. Download and Edit your General Financial Power of Attorney Template
After consulting with your lawyer, the next thing to do is to obtain a General Financial Power of Attorney Form. To do that, Download a General Financial Power of Attorney Form Template. Downloading a Template is the easiest and convenient way of making a form that executes these responsibilities without the hassle and confusion of making one from scratch. Edit the template right after downloading it.
Step 3. Print the General Financial Power of Attorney Form
Print your General Financial Power of Attorney Form after you’re done editing it. Printing the form enables you to present it to your lawyer for review. Also, a printed copy of the form is required for it to be notarized.
Step 4. Review the General Financial Power of Attorney
The next thing to do after printing the General Financial Power of Attorney Form is to review it. It’s also best if you review the form in the presence of your lawyer. As mentioned in the first step, the lawyer is in the perfect position to evaluate your General Financial Power of Attorney, and it’s content. Doing so allows you to revise the document if necessary.
Step 5. Notarize the General Financial Power of Attorney
After the review, sign and notarize your General Financial Power of Attorney. For your General Financial Power of Attorney to be approved, the signatures of the principal and the attorney-in-fact should be affixed on the form. After signing the document, have it stamped with a notarial seal.
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