Last Updated on August 6, 2024 by Asfa Rasheed
A type of legally binding document, a Power of Attorney lets you nominate somebody who can take specific types of decisions as well as perform actions for you. This is generally used in case you cannot decide or act for yourself. However, there are certain myths and misconceptions related to the power of attorney documents, which you have to know about a Power of Attorney form.
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It can be misused
When you nominate a person, he/she cannot do whatever is desired. So, there is no fear that you have to give control over assets to somebody else. There are many restrictions on what one can do or cannot. Various balances and checks are in place, to ensure an appointed person is unable to abuse his / her position. The restrictions are imposed by you, and then the Office of the Public Guardian.
It should be used as soon as it is made
You can of course create a lasting Power of Attorney and keep it on hold until you require it, or would like to use it. This is due to the fact that a Lasting POA needs to be registered in order to be used, until this is registered. It is only a document without any purpose or power. Until required, it can rest in a drawer.
Only one attorney can be created
Any number of attorneys can be created in the same power of attorney documents. You may specify if they have to come together or cooperate for taking a decision.
A Power of Attorney can be effective for life
It is not the case. A power of attorney form can actually be of various types – General and Lasting. A General POA is not for long term, although Lasting powers – as the name indicates, are typically valid for a long time. The former can give authority to somebody else for acting for you for some specific purpose, so as to carry out a particular task for a particular time span. The general power can be destroyed, as soon as you start managing all your affairs again. You may download power of attorney form Texas online from forms.legal website.
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