Power of attorney can you have 2

Some powers of attorney are limited. For instance, the POA could merely empower someone to represent you at a real estate closing in another city. If you have property that is only in your name, your spouse would need a power of attorney to take legal or financial actions related to that property like selling it.

Anyone can set up a POA. One way is to find a template online that satisfies the requirements of the state in which you live, and execute it according to your state's guidelines it may need to be notarized and require witnesses. POAs differ depending on when you want the authority to start and end, how much responsibility you want to give your agent, and the laws in the state where you live. There is no uniform POA common to every state.

Using an attorney to draw up the POA will help ensure that it conforms with state requirements. Since a POA may be questioned if an agent needs to invoke it with a bank or financial services company, you should ask an attorney about prior experience in drafting such powers. You want to select someone not only familiar with state requirements, but also with the issues that can arise when a power is invoked. This way, the attorney can use language that will make clear the full extent of the responsibilities that you wish to convey.

To set up a legally binding POA, the principal must have sufficient mental capacity when the document is drawn up. This means that they must fully understand the nature and effect of the document. It also means that if you have an ill parent who is already incapacitated, you won't be able to get a power of attorney to act on their behalf.

The POA can be canceled or revoked at any time simply by destroying the original document and preparing a new one, or by preparing a formal revocation document informing all concerned that the POA is no longer a valid instrument. POAs are not just reassuring; they may become the instruments that protect your financial and real estate interests, your health, and even your manner of dying.

If you are incapacitated and have no POA designated to take the wheel, your family will likely be forced into costly and time-consuming delays. Principals have to set up POAs for themselves. A family can't "get" a POA when they suddenly realize that an elderly relative is no longer able to manage their affairs. In this situation, a court would have to appoint a guardian or conservator , and neither the individual nor their family would have any control over the appointee.

In some states, the guardian is required to post a bond and file a detailed inventory and accounting of the person's relevant assets. The entire affair is more complicated, more costly—and more public —when a POA is not already in place. There are several types of POAs, as well as various degrees of responsibility that you can delegate. This starts when it is signed and continues in force until you become mentally unable to make coherent decisions. It is important to state exactly what authority you are giving your agent.

It could be something very specific, like giving your attorney the power to sign a deed of sale for your house while you're on a trip around the world. This is called a "limited power of attorney" and it can be quite common in everyday life. One common use of it is what is called discretionary money management, or what gives money managers the authority to buy and sell investments on their client's behalf based on their own decisions not their client's.

Or you could specify a much broader range of powers, such as access to your bank accounts what's known as a "general power of attorney". A durable POA begins when it is signed but stays in effect for a lifetime unless you initiate the cancellation. Words in the document should specify that your agent's power should stay in effect even if you become incapacitated.

Durable POAs are popular because the agent can manage affairs easily and inexpensively. This POA comes into play only when a specific event occurs—your incapacitation, for instance. A springing power of attorney must be very carefully crafted to avoid any problems in identifying precisely when the triggering event has happened. A medical POA, or durable power of attorney for healthcare decisions, or health care proxy, is both a durable and a springing POA. The springing aspect means that the POA takes effect only if specific conditions take place.

As long as the principal is conscious, and of sound mind and body, the medical POA will not be triggered. Some medical POAs are written to end when the principal recovers from the incapacitating condition. You can have different POAs for different situations and appoint different agents to hold them as well. Do not expect your will to serve as a substitute for a power of attorney. A will designates the distribution of your property after death, while a POA is related to decisions made during your life.

However, you can have a living will in addition to a healthcare POA. A living will usually addresses specific issues and wishes related to medical treatment if you have a terminal condition, or related to dying such as the extent to which lifesaving measures should be used. A living will does not always deal with other important medical issues, however, such as whether you would decline dialysis or a blood transfusion.

Meet the Editors. Can a power of attorney have more than one agent? Create Your Power of Attorney Today! Question: Can you have a shared power of attorney? Talk to a Lawyer Need a lawyer? Start here. Practice Area Please select Zip Code. How it Works Briefly tell us about your case Provide your contact information Choose attorneys to contact you. The following are some examples of common scenarios where this issue arises.

For the purposes of these examples, Jane Smith is a mentally competent year old woman who lives in Florida. If Jane drafted a POA having stated that she would like to appoint her daughter Mary as her agent, then Mary is the primary agent in this instance. However, if Jane includes verbiage in the document having indicated that she wants her son David to service if Mary passes away, becomes incompetent, or is otherwise unable to serve, then David is the successor agent. This is true whether or not the document uses the term "successor agent.

As long she can do so, however, David has no power to act on his mother's behalf. If, instead of naming David as a successor agent , Jane names him as a co-agent, then David and Mary both have authority at the same time.

A common issue in this scenario is whether David and Mary can act independently or if they must always act together. What the document says controls. If it is silent on the issue, state laws provide a default rule. In Florida, like many states, David and Mary would be able to act independently.

If Jane and David are co-agents who must act together, another issue that may arise is what happens if they do not agree on the best course of action. If Jane is competent, she can step in on her own behalf and make the decision.