ATTORNEY AND COUNSELOR AT LAW, AND AMBIGUITY
Visiting, or interacting with, this website does not constitute an attorney-client relationship. The Disciplinary Board of the Supreme Court of Pennsylvania collects and maintains various information on all attorneys admitted to practice in the Commonwealth. If the Power of Attorney specifically says so, however, you, as Attorney-in-Fact, can transfer assets to a Trust that the Principal had already created and may even be able to execute a new trust for the Principal.
While some regions of the country accept oral POA grants, verbal instruction is not a reliable substitute for getting each of the powers of attorney granted to your agent spelled out word-for-word on paper. A Revocation of Power of Attorney can be executed so long as the principal is mentally competent at the time of executing the document and the attorney-in-fact is notified in writing.
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Normally, the power of attorney goes into effect as soon as the principal signs the document. Remember, however, that signing a power of attorney that grants broad authority to an agent is very much like signing a blank check — so make sure you choose wisely and understand the laws that apply to the document. You can appoint a personal attorney, a property attorney or both.
It allows your attorney to manage your finances and property on your behalf only while you are still mentally capable. We have to deal with those situations very carefully since even ‘conversational legal advice’ can subject attorneys to legal malpractice claims. If the Enduring Power of Attorney does not give the authority to make gifts the property attorney can still make gifts with some restrictions.
Property and financial affairs LPA gives your attorney the power to make decisions about your money and property, including managing your bank or building society accounts, paying bills, collecting your pension or benefits and, if necessary, selling your home. To learn more about power of attorney documents and other estate planning and legal matters, find a reputable elder law attorney in your area and make an appointment for a consultation.