Free Power Of Attorney Form

The free power of attorney forms are something that needs a lot of understanding. The form is a simple and convenient document that helps you to enable an agent to manage and carry out your legal affairs on your behalf. However, here, you should note that this form can also be misused for fraudulent transactions.

The Free Power Of Attorney Form can be required at the time when you are recuperating from a severe operation or while you are enjoying a splendid vacation. In order to make sure that you are safe from all kinds of fraudulent activities in respect to your attorney form you should follow certain important guidelines. Read ahead to know about these important guidelines!

Free Power Of Attorney FormExercise caution while selecting your agent

It is very vital to exercise caution while selecting your agent as there are many tricksters who roam about with swanky titles such as “investment advisor”, “asset manager” and so on. This does not mean that all asset managers and investment advisors are frauds but you should not indulge in acquaintance with someone whom you do not know. If you are handling your power of attorney to any such person even for a limited period of time then it is certainly going to give you the nightmare of your life and end in disastrous consequences. There have been many instances when elderly people who opt for handing over even partial power of attorney to other people who turn out to be fraud and thus, the innocent folks are cheated in a major way and have to suffer many losses.

If you want to hand over your power of attorney to someone then it is suggested that you trust in your close relatives, friends, an honest accountant or lawyer. This will result in zero conflict of interests.

Hand over only a limited power of attorney

In case you want your agent to take care of only specific matters then it is better to hand over only a limited power of attorney and not opt for transferring the entire power of attorney. Keep in mind that you prepare your document restrictive and broad so that there is no scope of any discrepancy. It is in situations like these that you need proper Free Power Of Attorney Form. Make sure that you make the most of this document and use it at your benefit.

For instance, you can opt for specifying in the contract that the agent who will be handling your affairs should never go for investing in shares of alcohol manufacturing companies and must never decide to paint your property in any other color apart from orange. If the clauses are mentioned properly in the contract then definitely there will be no case of any sort of fraudulency.

Include an expiry date in the contract

It is a wide known fact that someone can exercise the power of attorney that you are handling only from the time you sign the documents and only until you have specified in the contract. So, make sure that you must mention an expiry date in the document so that there is no kind of confusion. On the expiry date the power of attorney right will itself become null and void. In case you are very happy with the way the person has exercised his duties in handling the power of attorney then you always have the option of extending his duty period by issuing another document with a new time frame. You can also include new rules if you want.

Always keep a check on every action of your agent

If you are making use of the free power of attorney form and transferring the power of attorney to someone then it is a must that you always keep a watchful eye on each and every action of your agent. Opt for keeping all your finances in a different account and not in the account of your agent. Ask your agent to furnish you regular details of all the transactions, business deals and accounts.

If you want to get a document prepared for handing over your power of attorney then it is not necessary to get it done by a lawyer. A free power of attorney form can serve as a test document and you can get the required formalities done by a good law firm.