by Introduction
Welcome, dear readers! If you’re here looking for information about common law power of attorney, you’ve come to the right place. Power of attorney is a legal document that allows you to appoint someone to act on your behalf. In the common law system, a power of attorney is not a statutory document and is governed by the common law. This means there are no specific requirements for creating a common law power of attorney, but there are some general guidelines that you should follow.
What is a Common Law Power of Attorney?
A common law power of attorney is a legal document that gives someone the authority to act on your behalf in financial, legal, or medical matters. It allows you to appoint an agent to make decisions for you when you are unable to do so yourself. A common law power of attorney is different from a statutory power of attorney, which is created under a specific state statute and has specific requirements.
Types of Common Law Power of Attorney
There are two main types of common law power of attorney:
- General power of attorney: This type of power of attorney gives the agent broad authority to act on your behalf in all matters.
- Limited power of attorney: This type of power of attorney gives the agent authority to act on your behalf only in specific matters, such as managing your finances or making medical decisions.
How to Create a Common Law Power of Attorney
Creating a common law power of attorney is simple. You can either create your own document or use a template that you can find online. If you decide to create your own document, be sure to include the following information:
- The name of the principal (the person granting the power of attorney)
- The name of the agent (the person being granted the power of attorney)
- The scope of the agent’s authority
- The date the power of attorney was created
- The signature of the principal
Advantages of a Common Law Power of Attorney
There are several advantages to using a common law power of attorney:
- It is relatively easy to create. You can create a power of attorney without having to go through a lawyer.
- It is flexible. You can customize a power of attorney to meet your specific needs.
- It is durable. A power of attorney will remain in effect even if you become incapacitated.
Disadvantages of a Common Law Power of Attorney
There are also some disadvantages to using a common law power of attorney:
- It is not as well-recognized as a statutory power of attorney. Some businesses and institutions may not accept a common law power of attorney.
- It can be more difficult to revoke. A common law power of attorney can only be revoked by the principal, and it can be difficult to revoke a power of attorney if the principal is incapacitated.
Table: Comparison of Common Law and Statutory Power of Attorney
| Feature | Common Law Power of Attorney | Statutory Power of Attorney |
|---|---|---|
| Creation | Can be created without a lawyer | Must be created under a specific state statute |
| Flexibility | Can be customized to meet your specific needs | May have specific requirements that must be met |
| Durability | Will remain in effect even if you become incapacitated | May terminate if you become incapacitated |
| Revocation | Can only be revoked by the principal | May be revoked by the principal or by a court |
Conclusion
If you are considering creating a common law power of attorney, it is important to weigh the advantages and disadvantages carefully. If you decide that a common law power of attorney is right for you, be sure to follow the guidelines outlined in this article to create a valid document.
Thank you for reading! Be sure to check out our other articles on legal matters.
FAQ about Common Law Power of Attorney
What is common law power of attorney?
Answer: A legal document where you appoint someone you trust (your attorney-in-fact or agent) to handle decision-making on your behalf if you become unable to do so.
Who can I appoint as my attorney-in-fact?
Answer: Any competent adult over the age of 18 whom you have full confidence in.
What powers can I grant to my attorney-in-fact?
Answer: You can grant them powers to make decisions regarding your finances, healthcare, legal matters, and other areas.
Does a common law power of attorney have to be written?
Answer: No, it can be created verbally or in writing. However, a written document is highly recommended for clarity and legal enforceability.
What are the benefits of having a common law power of attorney?
Answer: It allows you to plan for and control your affairs if you become incapacitated and provides peace of mind for both you and your loved ones.
What are the limitations of a common law power of attorney?
Answer: It is only valid while you are still mentally competent and does not provide protection from financial exploitation.
When does a common law power of attorney become effective?
Answer: Immediately upon creation, unless specified otherwise in the document.
How can I revoke a common law power of attorney?
Answer: You can revoke it verbally or in writing at any time while you are competent.
What happens if my attorney-in-fact misuses their power?
Answer: You can seek legal remedies such as filing a lawsuit or reporting them to authorities.
Is a common law power of attorney the same as a healthcare power of attorney?
Answer: No, they are different documents. A healthcare power of attorney specifically addresses healthcare decisions, while a common law power of attorney covers a broader range of matters.
