A Power of Attorney document is one that legally binds a principal and his designated agent, as well as some successors. It appoints an agent to act on behalf of the grantor of power, and is generally used when the latter is unable to act. There are some common misconceptions regarding POA, and you need to clear these up before you proceed. Please visit this site to get a sample power of attorney form in Connecticut.
Attorneys cannot be controlled after given POA
Many people hesitate to give control over their finances, assets etc to an agent as they fear that the latter may abuse his position. However, such fears are baseless given that agents have significant restrictions on their actions. There are many balances and checks in registering a POA, which prevents an agent from misusing his authority.
POA has to be used right after creation
A Power Of Attorney can be created long before it is time to use it, particularly a lasting POA – which is designed to be used when a loss of capacity is experienced – such as in the form of an accident, dementia, an unplanned business trip, admittance in hospital etc. A lasting POA can be written and signed, but kept on hold until you wish to use it or require it.
A POA is effective for life
This is another common misconception. Power of Attorney documents can be of various types, General and Lasting. The former are for short term use while the latter is generally for long term. With a General POA, you can grant authority to an agent to work on your behalf for only a particular time period.
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