WHAT IS A POWER OF ATTORNEY (POA) FORM
A Power of Attorney or POA is a legal form or document that is used by an individual to allow another person to represent or make decisions on their behalf. The decisions are usually financial or health-related, but not limited to just those two. The POA is usually between two people, the principal (person setting up the Power of Attorney) and the Attorney-in-fact ( the person who will be the representative).
WHAT IS THE PURPOSE OF A POWER OF ATTORNEY (POA) FORM
The main purpose of a Power of Attorney is to make it possible for things to be done when a person is not available to do it themselves. By giving another person of your choosing the legal authority to act on your behalf if you become too incapacitated to do it yourself. It can also be used if you are out of the country and not able to do it yourself.
CUSTOMS POWER OF ATTORNEY
A Customs Power of Attorney is a specific type of Power of Attorney designed to be used by Custom Brokers. The form is specifically used by importers and other shipping companies that allow them to make necessary decisions regarding shipments that are under the jurisdiction of the Customs and Border Protection agency.
There are a number of ways that Customs Power of Attorney are used by Custom Brokers:
- Allows a broker to act as a grantor during importation of goods across the border
- Allows the broker to sign, endorse and make declarations on behalf of the person signing the form
- Allows them to complete any of several legal processes such as bill of laden and affidavits
- Allows them to make duty refunds and collect drawbacks
A Power of Attorney is a very powerful legal tool that has many different uses. As part of this article, we wanted to discuss five specific things that a Power of Attorney can be used to decide if you are no longer able to make decisions for yourself. Here are the five very important things that can be included in any Power of Attorney.
When naming more than one agent – When it comes to deciding who you want to be able to make the important decisions on your behalf, you don’t have to pick a single person. The POA form allows you to choose any number of people to be the ones who make decisions for you.
Assigning gifting limits – By law, your estate is able to give gifts as a way to limit tax liabilities. When filling out the POA you can set limits on the amount of money you want to gift and to who is allowed to assign the gifts. The government puts a limit of $15,000 annually that is allowed to be gifted by the estate.
Assigning the ability to change beneficiaries – When it comes to receiving deciding on who is the beneficiary of the assets of your estate after you pass is very important. These decisions are generally already made in the will. However, there are some things that people sometimes allow an agent to change a beneficiary. This is rare, but in some cases, people have done it.
Giving an agent the ability to amend a trust – Making changes to a revocable trust can be a bit dicey. I rare cases, you can spell out that you want your agent to be able to amend parts of the trust after the fact. Again, this is not something everyone tends to agree with. It is important to think long and hard before you allow it to be part of your estate.
Naming a guardian – In the event it becomes necessary that you have a guardian to take care of you, a Power of Attorney can be used to determine who that person will be.
DIFFERENT TYPES OF POWER OF ATTORNEY FORMS
There are several different types of Power of Attorney forms and they each have a different purpose. For this article, we will discuss just four of them and provide some details about each of them.
Ordinary Power Of Attorney – The most basic Power of Attorney is referred to as an Ordinary Power of Attorney. It is also often referred to as a General Power of Attorney. This type of legal form gives the agent you decide the power to make all decisions on your behalf, including the legal, financial, business, and health.
Durable Power Of Attorney – A Durable Power of Attorney is a legal document that gives the person you choose to have the power to make decisions for you even if you become incapacitated. The legal document stays in effect until it is either revoked by the principal or they die.
General Power Of Attorney – A General Power of Attorney focuses on financial and property decisions that need to be made on your behalf. These are probably the most commonly used during certain financial transactions.
Springing Power Of Attorney – This unique legal document comes with a special feature that allows the principal to decide when it goes into effect. It can be date specific or it can be set to go into effect when or if the principal becomes incapacitated.
CHOOSE A RELIABLE AND CREDIBLE ATTORNEY
When it comes to legal questions and concerns it is always wise to seek the guidance of an attorney. They have the expertise to help guide you and answer the many questions that you might have. With that said, you want to be sure that you are choosing the right attorney to handle your unique situation. Be sure that you do your due diligence and research the attorney before you decide to talk to them about your specific case.
Abady Law Firm
The Abady Law Firm is located in New York City, New York, and is not far from the famed Times Square. The firm’s focus is primarily on International Trade and Customs but also can handle other types of cases. They have a very stellar reputation and have been very well-reviewed by many of its clients over the years.
Conclusion
A Power of Attorney is a very powerful legal document and has many very beneficial uses. One can be used to allow another person or persons to make decisions on your behalf when you are not available. These decisions can be for a wide range of purposes, which may include financial, health, and even property.
There are several different options when it comes to Power of Attorney and you should be able to select one that does fit your circumstances and needs perfectly. Regardless of the details of your specific case, the attorneys at the Abady Law Firm will always represent your best interest.
Make sure you choose the one that best fills all of the needs that you may have. If you are in the New York City area and you need help from an attorney, I am sure they will be able to help fill your needs. To see if Abady Law Firm can help you, please click
