What State's Form Should be Used for a Power of Attorney?
Full Question:
Answer:
The terms of the power of attorney govern the extent of the agent's authority. A power of attorney may be limited so that it only authorizes action to be taken for a specific transaction(s) or for a specified time period. For example, a limited power of attorney for real estate may be used to handle a house sale only. A general power of attorney may be used to handle a house sale and other types of transactions as well. If it is durable, it means it will not be terminated by the principal's incapacity. A living will or medical power of attorney should be created to comply with the laws of the state of residence.
A power of attorney is governed by the law of the jurisdiction where the actions of the attorney-in-fact will be performed. Usually, this is where the property of the principal is located. It is generally not recommended to appoint an agent who resides in a different jurisdiction, unless the property or assets involved are also in the different jurisdiction. When the agent will be acting in more than one jurisdiction, separate powers of attorney for each jurisdiction are recommended.
