What is the Power of Attorney for Property?

Learn what Power Of Attorney For Property is and how it works. Understand all aspects before granting someone else this authority.

What is the Power of Attorney for Property?

The purpose of a power of attorney is to give another person, known as the agent, the authority to make financial and property decisions on your behalf. This document is a flexible tool that allows the principal to limit or extend the agent's decision-making power. Our power of attorney document for property includes special provisions that are not part of the legal way to work in a manner consistent with the power of attorney for health care, revocable trust and other estate planning documents and to assist in donating (where applicable) and transferring assets in the case of inability. Granting a power of attorney helps ensure that you and your property are protected if you are incapacitated or unavailable.

These are the specific requirements for filing in the Keystone State. The purpose of a power of attorney is to give another person, its agent, the power to conduct financial and property transactions on your behalf. The term used for the person signing the power of attorney is “principal”. All powers described in this section shall be exercisable with respect to any matter in which the principal is in any way interested in granting the power of attorney or subsequently and whether it arises in this Commonwealth or elsewhere. Your agent may exercise the powers granted herein throughout his life, even after becoming incapacitated, unless you expressly limit the duration of these powers or if you revoke these powers or a court acting on your behalf terminates the authority of your agent.

Power of Attorney is essential in case you are incapacitated or not physically present to make decisions on your own behalf. For example, if the power of attorney comes into effect when the principal is incapacitated, it may take time to determine the incapacity. If a person becomes unconscious at a time when assets are to be managed, the agent may request a power of attorney to take action in the interim. The power of attorney may be limited to a particular activity, such as closing the sale of your home, or be general in its application. In the absence of a signed notification, in the event of a challenge to the authority of an agent to exercise a power of attorney under the power of attorney, the agent shall have the burden of demonstrating that the exercise of that authority is appropriate.

Vote in person or by proxy, with or without power of substitution, whether discretionary, general or otherwise, at any meeting. The secretary of the division of the orphans court or any office for the registration of deeds to which the power of attorney has been submitted may, upon request, issue certified copies of the power of attorney. THIS POWER OF ATTORNEY DOES NOT IMPOSE ON YOUR AGENT THE DUTY TO EXERCISE THE POWERS GRANTED, BUT, WHEN THE POWERS ARE EXERCISED, YOUR AGENT MUST ACT WITH DUE CARE FOR YOUR BENEFIT AND IN ACCORDANCE WITH THIS POWER OF ATTORNEY. This form of power of attorney can give the agent extensive ability to supervise ownership and real estate assets, including the management of the principal's business, for the specified period. i) The funds were not kept separate as of the date of execution of the power of attorney; or.

A limited power of attorney gives the agent the power to act on behalf of the principal in specific matters or events. Acquire or dispose of real property (including the principal's residence) or any interest in it, including but not limited to: buying or selling for public or private sale in exchange for money or credit; exchanging; mortgaging; taxing; leasing for any period; giving or purchasing options for sales; purchases; exchanges; leases; buying for court sale any property on which there is a mortgage. Power of Attorney is an important document that gives another person legal authority to act on your behalf when you are unable to do so yourself. It can be used for a variety of purposes such as managing finances and property transactions while you are away from home or incapacitated. It can also be used to vote on your behalf at meetings and other events. It is important that you understand all aspects before granting someone else this authority.