John B. Whalen Powers of Attorney Law Blog on Lawyers.com

Pa Powers of Attorney and Agents?

Sunday, November 1, 2009 by John B. Whalen

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Pa Powers of Attorney and Agents?

For more from my Websites: http://johnbwhalenjr.com ~ http://whalenwillslaw.com

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Document Purposes

  • A Power of Attorney grants your Agent (Fiduciary) the ability to control all of your affairs.
  • It is a very powerful document; it permits your Agent the broadest of powers to do anything that you could have done (i.e., give all of your money away). Yet, inherent in the broad powers that your Agent possesses is the possibility - the extremely real possibility - that your Agent under your Power of Attorney may actually do anything that you could have done (i.e., give all your money away).

Fiduciary Traits

  • Your Agent (Fiduciary) should be able and willing, first and foremost.
  • Your Agent should also be levelheaded and familiar.

Common Misconceptions

  • A common misconception is that a Power of Attorney eliminates your ability to act for yourself.  Quite to the contrary, and until you are deemed to be incapacitated, a Power of Attorney should properly be viewed as a "shared authority."  After you have executed a Power of Attorney, you still retain all of the powers and decision-making abilities that you possessed beforehand, including the power to revoke the Power of Attorney.
  • Another common misconception is that your Agent needs your permission to act.  Quite to the contrary, a Power of Attorney is a very powerful document.  It permits your Agent the broadest of powers to do anything that you could have done (i.e., give all of your money away), and, inherent in the broad powers that your Agent possesses is the possibility - the extremely real possibility - that your Agent under your Power of Attorney may actually do anything that you could have done (i.e., give all your money away).
 
Posted at 09:09 AM
Topic: Powers of Attorney
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