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If I give a power of attorney to someone, can I still act for myself? Does it matter if I give a general or limited power of attorney?
First of all giving power of attorney to a third party -- the "attorney-in-fact" - does NOT divest the person who granted the power of his or her own rights to act for himself or herself. This applies whether the power granted is a General or Limited power of attorney.
The principal -- the person who grants the power of attorney, let's call him or her X -- even can name 10 separate people, each as a power of attorney. While EACH of the named attorneys-in-fact would have the power to act for X, X still retains the power to act for him or herself so long as he or she is mentally competent. (If the power is not a durable power of attorney, it becomes ineffective upon the principal losing competence.)
With a General Power of Attorney, X gives the named attorney in fact very broad powers to act for him or her in virtually any manner or thing that X could have acted for him or herself.
With a Limited Power of Attorney, X typically gives the person named only certain specific powers -- and the person named can do only those things set forth in the power itself, such as sign a lease, or execute a deed, or act from May 1 to June 30.
If the person named attorney-in-fact starts acting in a manner X does not like, or X just changes hir or her mind, X can generally REVOKE the power at any time, orally or in writing, and then the person named as the attorney-in-fact loses all legal right to act.
People and institutions relying on the power of attorney often require the person named as attorney-in-fact to certify that he or she still has the power and that it is in effect and has not been revoked; the attorney-in-fact would be committing fraud by acting on the basis of the power. |
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What is estate planning?
What is an ‘estate’?
Who should have an estate plan?
When should I start my estate plan?
How can an estate plan prevent probate of my estate?
If I give a power of attorney to someone, can I still act for myself? Does it matter if I give a general or limited power of attorney?
How can I find my deceased brothers annuity or life insurance policy?
Can a person with a life estate rent the property to others? Can remainder owners complain?
What are some typical estate planning documents?
I am pretty sure that my deceased grandmother had a life insurance policy, but I have no paperwork or other record. Is there a way that I can find out?
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