What is a Revocable Power of Attorney?
A power of attorney authorizes a particular person to act on someone’s behalf.
Parties to this document:
Grantor: The person providing the authorization
Attorney: the person being authorized to act on Grantor’s behalf
When to use this Power of Attorney?
Grantor wishes for someone else to make financial or legal decisions on their behalf, such as paying bills, managing property and making legal claims (ex: adult child acting as attorney for elderly parents)
This POA has multiple options as to the powers granted to the attorney allowing greater customization to the client’s needs. The options are:
- Collection of debts: collect any amounts due or that will be due to the grantor in the future
- Banking: pay bills, sign checks, deposit and withdraw money
- Legal action: take legal action if third parties do not pay any amounts due to grantor
- Arbitration: submit disputes regarding collection of debts or banking matters to arbitration
- Realty: sell, manage and improve grantor’s real property (i.e. land)
- Sale of property: sell a certain property at a price and moment decided by the attorney
- Execution of documents: execute documents in the exercise of the above powers
- Satisfaction of debts: settle any of the grantor’s debts
- Securities: sell, buy and manage grantor’s shares, bonds and other securities
- Voting at meetings: vote at security holder meetings on grantor’s behalf (ex: shareholders meeting)
- Safety deposit boxes: access, remove and deposit at safety deposit boxes
- Investment of money
- Substitution of attorneys: substitute any of grantor’s attorneys who are under the attorney in question
- Obligation to render accounts: grantor may require that the attorney shall provide a written account of their activities
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