Monday, October 26, 2015

Powers of Attorney for Specific Events

Did you know that you can give power of attorney to someone you trust for a specific event or to cover a specific time? 

Well, you can!

The most common use of a specific power of attorney involves real estate closings.   A seller of a property who is leaving the area may not wish to return to the area simply for the purpose of signing the final paperwork.   In fact, returning for that one event often does not make good sense financially. In this case, the seller is able to give a power of attorney to his/her agent. The agent can be a trusted friend, family member, lawyer, or other professional and will attend the closing for the seller.

A power of attorney document may also be specific in other ways.  For instance, if you travel often for business you may wish to give power of attorney to your trusted friend solely for the purpose of paying your utilities/cable, or communicating with those companies if there is a problem.  There are many other uses for a power of attorney document in personal life and in the business setting. 

The power of attorney document can also have a specific term.   Most expire within a year or two. However, there are some situations in which it makes sense for the document to continue indefinitely (until it is revoked or the grantor (person who is signing it) dies.  They can also be written to take effect only if the principal (the person signing it) becomes disabled. 

This is a very flexible document that can be tailored to fit your specific needs.  So, if you have a situation where you need someone to "stand in your shoes" for you, consider getting a power of attorney.

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