This is a sample durable Power of Attorney with provisions to appoint a guardian over the estate if necessary. A Power of Attorney is a legal document which gives the person you choose (the agent) the power to manage your assets and financial affairs while you are alive. The document must be signed by you (the principal) while you have the required legal capacity to give your agent clear and concise instructions. The appointment may be for a fixed period and can be revoked by you at any time providing you still have the legal capacity to do so. A power of attorney ceases when you die. The executor named in your will then takes over the responsibilities of your estate. A "durable" power of attorney stays valid even if you become unable to handle your own affairs (incapacitated). If you don't specify that you want your power of attorney to be durable, it will automatically end if you later become incapacitated.
Alabama Durable Power of Attorney with Guardian Provision if Guardian becomes necessary
Description Durable Power Attorney Pdf
How to fill out Alabama Durable Power Of Attorney With Guardian Provision If Guardian Becomes Necessary?
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FAQ
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Your power of attorney must be registered with the Land and Property Management Authority (LPMA) if your attorney needs to deal with your real estate (eg sell, mortgage or lease it).
Most states offer simple forms to help you create a power of attorney for finances. Generally, the document must be signed, witnessed and notarized by an adult. If your agent will have to deal with real estate assets, some states require you to put the document on file in the local land records office.
Your name, address, and signature as the principal. The name, address, and signature of your Agent. The activities and properties under the Agent's authority. The start and termination dates of the Agent's powers. Any compensation you will give to the Agent.
Differences Between a Power of Attorney and a Guardianship Another big difference is that if you execute a Power of Attorney, you will be able to choose the person who will be handling your financial matters. Under a Guardianship proceeding, the guardian is chosen by the judge.
General: Alabama has adopted the Uniform Power of Attorney Act and may be found in Ala.Execution: This power of attorney must be in writing, signed by the principal, dated and notarized. The Principal should sign the power of attorney in the presence of the notary or other person taking the acknowledgment.
Does a Power of Attorney need to be recorded in Alabama? An Alabama Power of Attorney does need to be recorded if the Agent will be purchasing property or engaging in other transactions like that.
A Power of Attorney, like a Trust, does not need to be registered or recorded in the public records in order to be effective. It does have to be in writing, signed, witnessed and notarized.
In most cases, power of attorney is preferred to legal guardianship because more control is retained by the person being protected. However, if court supervision is needed, guardianship may be more appropriate. Guardianship also gives the guardian court-ordered authority that third parties, like banks, must recognize.