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Common Uses for Special Power of Attorney (DOC download)

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                <p>A <strong><em>special power of attorney</em></strong>
enables a person to take part in certain types of financial and medical
dealings on behalf of someone else. The POA form is used to grant legal
powers to the agent and provide details of the tasks they are permitted
to perform. </p>
<p>Several reasons exist for assigning <a rel="nofollow"
onclick="javascript:_gaq.push(['_trackPageview',
'/outgoing/article_exit_link/5317336']);"
href="http://www.simonvolkov.com/articles/2011/10/special-power-of-
attorney.html">special power of attorney</a> rights. The most common
include authorizing agents to manage bank accounts and financial
investments; take over business operations; and engage in the purchase,
sale, or trade of business assets or personal property.</p>
<p>Real estate investors frequently setup power of attorney forms to
authorize real estate agents to purchase or sell investment property.
Another reason is to grant permission to property management groups to
act as their agent with rental properties. Special POA lets property
managers approve applicants, collect rent, engage in repair work, and
file legal documents for delinquent rent or eviction of tenants.</p>
<p>Business proprietors establish <a rel="nofollow"
onclick="javascript:_gaq.push(['_trackPageview',
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href="http://www.simonvolkov.com/power-of-attorney.html">power of
attorney</a> when authorizing someone to take over business operations in
their absence. Special POA could also be used when employing a tax
accountant to prepare corporate tax returns, or to authorize a person to
engage in business-related transactions.</p>
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<p>Individuals should setup special power of attorney if they need
someone to manage their personal finances, access contents in safe
deposit boxes, sell a motor vehicle, or oversee financial investment
portfolios or real estate transactions.</p>
<p>Anyone that has delinquent taxes owed to the IRS and hires a company
to negotiate their tax obligation will need to create a special POA.
Authorized agents can talk to IRS employees to establish payment plans;
negotiate to reduce outstanding balances; prepare and file current or
amended tax returns; and request 4506 tax forms.</p>
<p>Special power of attorney forms are commonly used with estate planning
strategies. This document is needed to authorize agents to handle certain
types of estate settlement procedures. When setting up POA forms for
estate planning it is recommended to obtain legal counsel from a probate
or estate planning lawyer.</p>
<p>Probate is the legal process used to settle and close decedent
estates. Probate laws vary by state, so it's important to determine the
correct methods for designating estate agents. Most states require agents
to be designated within the last will and testament, while others require
a <a rel="nofollow" onclick="javascript:_gaq.push(['_trackPageview',
'/outgoing/article_exit_link/5317336']);"
href="http://www.simonvolkov.com/power-of-attorney-form.html">power of
attorney form</a>.</p>
<p>There are a couple of ways to execute POA documents. While it is not
mandated to hire a lawyer, it is usually best to talk with a lawyer.
Attorneys assess a nominal fee to write power of attorney forms and it is
worth the investment to be certain documents will hold up in court if
problems arise.</p>
<p>Individuals that would rather draft power of attorney documents on
their own can buy preformatted documents that involve filling in the
blanks and having the document witnessed and notarized.</p>
<p>Every power of attorney form includes a Principal and Attorney-in-
Fact. The Principal references the individual writing the document, while
attorney-in-fact references the person being empowered.</p>
<p>There are instances when special power of attorney doesn't offer
adequate privileges. Instead, individuals may need to execute a general
power of attorney, durable power of attorney, or medical POA. These forms
grant broad powers that allow agents to handle nearly all matters related
to personal finance and business matters.</p>                <!--
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posted:11/17/2011
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