Printable Power of Attorney Document

Below is a list of common misconceptions regarding the Power of Attorney form, along with explanations for each.

1. Power of Attorney is only for elderly individuals. Many people believe that only seniors need a Power of Attorney. In reality, anyone can benefit from having one, especially if they anticipate needing assistance with decision-making in the future.
2. Power of Attorney is permanent. Some individuals think that once a Power of Attorney is established, it cannot be revoked. However, the principal can revoke it at any time as long as they are mentally competent.
3. All Power of Attorney forms are the same. There are different types of Power of Attorney forms, such as durable, medical, and general. Each serves a specific purpose and has different powers granted to the agent.
4. Only lawyers can create a Power of Attorney. While it is advisable to consult with a lawyer, individuals can create a Power of Attorney on their own using templates available online, provided they meet state requirements.
5. The agent can do anything they want. The agent must act in the best interest of the principal and is limited to the powers granted in the document. They cannot make decisions outside of those specified powers.
6. Power of Attorney is the same as a will. A Power of Attorney is effective during the principal's lifetime and ceases upon their death. A will, on the other hand, takes effect after death and outlines the distribution of assets.
7. Power of Attorney is only for financial matters. While many people associate Power of Attorney with financial decisions, it can also include medical decisions, depending on the type of form used.
8. Once signed, a Power of Attorney cannot be changed. The principal can modify or change the Power of Attorney at any time, as long as they are mentally competent.
9. Power of Attorney is not necessary if you have joint accounts. Joint accounts do allow for shared access, but they do not grant the same legal authority as a Power of Attorney, especially in decision-making scenarios.
10. Having a Power of Attorney means giving up control. Many people fear that designating someone as their agent means they lose control. In fact, the principal retains control and can revoke the Power of Attorney whenever they choose.

When filling out and using a Power of Attorney (POA) form, it is important to understand several key points. The following takeaways can help ensure the process goes smoothly:

• Choose the right agent: Select someone you trust to act on your behalf. This person should understand your wishes and be reliable.
• Specify the powers: Clearly outline what powers you are granting. This could include financial decisions, medical choices, or both.
• Be clear and concise: Use straightforward language. Avoid vague terms to prevent confusion about the authority being granted.
• Consider a durable POA: A durable Power of Attorney remains effective even if you become incapacitated. This can be crucial for long-term planning.
• Sign and date the document: Ensure you sign and date the form according to your state’s requirements. Some states may also require witnesses or notarization.
• Communicate with your agent: Discuss your wishes with your agent. Make sure they understand your preferences and the responsibilities they will have.
• Review regularly: Revisit your Power of Attorney periodically. Changes in your life circumstances may require updates to the document.