What types of powers can I give to my agent?
Outline the capabilities you’d like your agent to have and apply certain restrictions within your Power of Attorney document. For example, you can grant permissions and apply restrictions in the following areas of your estate:
Grant real estate powers such as the ability to buy, sell, rent, or trade property in your name, including rental properties and land titles.
Restrict real estate powers by allowing your representative to manage all of your properties except one. Alternatively, you could restrict them from selling a certain piece of land, renting out a home, or buying additional property.
If you grant business-related powers to your agent, you’re allowing them to run your business or act for you as a shareholder. They’ll be able to make decisions about your investments, employees, and budgets. They could also represent you during any meetings or litigation matters.
A restriction on this type of power would be to limit the amount your agent can invest in the business, or whether or not they can hire new employees.
An agent with permission to act in financial matters can make payments, transfer funds, cash checks, and control your banking interests. This power may include access to savings and checking accounts as well as investments, such as mutual funds.
You may restrict your agent’s financial control with a spending limit or with access to certain accounts only.
You can grant your representative power to control, change, or otherwise alter your insurance policies. These policies can cover your business, home, life, and annuity.
Although, you may wish to restrict these powers by allowing your attorney-in-fact to cash your annuity check but forbidding any changes to your current insurance policies.
Your representative can act on your behalf in any and all legal claims or litigation matters, such as a lawsuit or a legal dispute. Though, a restriction may be for them to represent you in current cases but not future ones.
Family care responsibilities can include managing costs for education, maintenance, and medical care for yourself and/or your loved ones.
A restriction could be limiting your representative’s responsibilities to your children’s well being, excluding your spouse.
Living Trust responsibilities allow your agent to manage the assets transferred to any Living Trust that you control.
Although, it’s possible to restrict this power so that your representative can transfer assets to one trust but not another.
Employ Required Professionals
This power allows your representative to hire professionals to care for you or your family. This hired help could include a lawyer, caregiver, accountant, or any other type of professional that can assist you or your family.
However, you could limit your representative by allowing them to hire professionals for certain matters, such as accounting, but not health care.
LawDepot’s Power of Attorney template allows you to include additional powers, such as power over:
- Tax responsibilities
- Government benefits
- Retirement plans and benefits
- Buying, selling, or exchanging personal items
- Providing gifts to family members or friends
- Donating to charities