Written by Benjamin Kingsley
Do you have questions about or need assistance with a power of attorney? Please click here to email us at contact@legalandme.com.
Do you need a power of attorney form? We make a do-it-yourself power of attorney: finance power of attorney or healthcare power of attorney.
An agent under a power of attorney can be granted a wide range of rights and powers, depending on how the document is drafted. Some of the key rights an agent may have include:
1. Financial powers: The agent may be authorized to manage the principal’s finances, including paying bills, accessing bank accounts, managing investments, filing taxes, and conducting other financial transactions on the principal’s behalf.
2. Real estate powers: An agent may be given the right to buy, sell, or manage real estate owned by the principal. This could include signing deeds, negotiating leases, and handling property taxes.
3. Business operations: For principals who own businesses, the agent may be empowered to continue running the business, enter into contracts, hire/fire employees, and make other business decisions.
4. Government benefits: The agent may have the right to apply for and manage government benefits on behalf of the principal, such as Social Security, Medicare, or veterans benefits.
5. Legal authority: In some cases, the agent may be authorized to hire attorneys, initiate or defend lawsuits, and make other legal decisions for the principal.
6. Healthcare decisions: While often covered under a separate healthcare power of attorney, some financial powers of attorney may include limited healthcare decision-making authority.
It’s important to note that the specific rights granted to an agent should be carefully considered and clearly defined in the power of attorney document. The principal can choose to grant broad powers or limit the agent’s authority to specific tasks or areas. Additionally, the agent has a fiduciary duty to act in the best interests of the principal at all times when exercising these rights.
Do you have questions about or need assistance with a power of attorney? Please click here to email us at contact@legalandme.com.
Do you need a power of attorney form? We make a do-it-yourself power of attorney: finance power of attorney or healthcare power of attorney.