3. Use forms as a starting point for drafting a power-of-attorney document, and consult an attorney.
Even though it's best to consult with an attorney before a power of attorney document is finalized, it's wise to look at power-of-attorney forms and discuss their terms beforehand. This will allow you and the person you're caring for to see different possibilities and discuss them calmly before sitting in the lawyer's office with the hourly billing meter running.
Many forms that can be used as starting points are available online, such as one from the Internal Revenue Service. Your can also download state-specific samples for the state the person lives in by conducting an online search using the phrase power of attorney for finances forms along with the name of the state. There are also commercial legal form sites that can provide state-specific forms.
More than a few financial institutions, such as banks and brokerage firms, have -- and even prefer -- their own power-of-attorney forms. These can be used as models. And if the person in your care has regular transactions with such an institution, he may want to execute one of these specific forms in order to smooth the way for the agent. In most states, however, a financial institution is legally required to accept any power-of-attorney form officially provided by or accepted in the state.
Before finalizing a power-of-attorney document, it's a good idea for to consult an attorney. You can check with the attorney about what form of authority best suits your parent or relative's needs and what limits, if any, should be placed on the power of attorney. He can also describe the chosen agent to the attorney, and even have the agent meet the attorney, to get the attorney's opinion about his choice of agent.
If he doesn't already have or know of an attorney who prepares powers of attorney, he can seek a referral from a different lawyer he knows, or from trusted friends or associates. He can also contact the local or state bar association where he lives; these groups have information about local lawyers' specialties and can makes a referral to a lawyer near his home.
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