POWER OF ATTORNEY
THIS Power of Attorney is given by me, ____________________ (the "Principal"), presently of ____________________, ____________________, in the State of ____________________, on this 24th day of July, 2014.
- Previous Power of Attorney
- I REVOKE any previous power of attorney granted by me.
- I APPOINT __________________, of ____________________, ____________________, ____________________, to act as my Attorney-in-fact.
- Governing Law
- This document will be governed by the laws of the State of ____________________. Further, my Attorney-in-fact is directed to act in accordance with the laws of the State of ____________________ at any time he or she may be acting on my behalf.
- Liability of Attorney-in-fact
- My Attorney-in-fact will not be liable to me, my estate, my heirs, successors or assigns for any action taken or not taken under this document, except for willful misconduct or gross negligence.
- Powers of Attorney-in-fact
- My Attorney-in-fact will have the following power(s):
- X_____ Specific Power
- Attorney-in-fact Compensation
- My Attorney-in-fact will receive compensation as per the guidelines governing the compensation for agents or trustees or other such legislated rate in the State of ____________________ in addition to reimbursement of all out of pocket expenses associated with the carrying out my wishes. If no guidelines or usual practices exist for the compensation of an attorney-in-fact then my Attorney-in-fact will be entitled to reimbursement for all out of pocket expenses associated with the carrying out of my wishes and may pay himself or herself a reasonable amount based on the size of my estate.
- Co-owning of Assets and Mixing of Funds
- My Attorney-in-fact may not mix any funds owned by him or her in with my funds and all assets should remain separately owned if at all possible.
- Personal Gain from Managing My Affairs
- My Attorney-in-fact is not allowed to personally gain from any transaction he or she may complete on my behalf.
- Delegation of Authority
- My Attorney-in-fact may not delegate any authority granted under this document.
- Effective Date
- This Power of Attorney will start immediately upon signing. Under no circumstances will the powers granted in this Power of Attorney continue after my mental incapacity or death.
- Attorney-in-fact Restrictions
- This Power of Attorney is not subject to any conditions or restrictions other than those noted above.
- Notice to Third Parties
- Any third party who receives a valid copy of this Power of Attorney can rely on and act under it. A third party who relies on the reasonable representations of my Attorney-in-fact as to a matter relating to a power granted by this Power of Attorney will not incur any liability to the Principal or to the Principal's heirs, assigns, or estate as a result of permitting the Attorney-in-fact to exercise the authority granted by this Power of Attorney up to the point of revocation of this Power of Attorney. Revocation of this Power of Attorney will not be effective as to a third party until the third party receives notice and has actual knowledge of the revocation.
- If any part of any provision of this document is ruled invalid or unenforceable under applicable law, such part will be ineffective to the extent of such invalidity only, without in any way affecting the remaining parts of such provisions or the remaining provisions of this document.
- I, ____________________, being the Principal named in this Power of Attorney hereby acknowledge:
- I have read and understand the nature and effect of this Power of Attorney;
- I am of legal age in the State of ____________________ to grant a Power of Attorney; and
- I am voluntarily giving this Power of Attorney.
IN WITNESS WHEREOF I hereunto set my hand and seal at the City of ____________________ in the State of ____________________, this 24th day of July, 2014.
INSTRUCTIONS FOR EXECUTING YOUR POWER OF ATTORNEY
Before signing your Power of Attorney, ensure you have read it and understand your document.
To be valid, you must sign the document with your usual cheque signing signature. You should also initial each page of the document. The signing and the initialing of the pages must occur in the presence of your notary or witness(es). For every power that you have given to your Attorney-in-fact you must write your initials in the space provided. If this is not done it may affect the validity of your document.
After you have signed and initialed your document in front of your notary or witness(es), your notary or witness(es) must sign on the applicable page of the Power of Attorney and should initial each page. This must occur in the presence of you.
Most jurisdictions require that a Power of Attorney be signed before a Notary Public if it is durable or grants power over land or property. Some jurisdictions also require that witnesses be present. Even if they are not required for your state, it is often recommended to have witnesses to make the document more acceptable to those that will have to deal with it. Those jurisdictions that do not require that the Power of Attorney be signed in front of a notary usually require that two witnesses are used. Even if a notary is not required it is still often recommended.
Remember that your witness(es) cannot be your spouse, partner, child, your Attorney-in-fact or alternate Attorney-in-fact or the spouse of your Attorney-in-fact or alternate attorney-in-fact. Some jurisdictions disallow witnesses that are mentioned in your Last Will, either as beneficiary or executor/executrix. You should generally avoid having witnesses that have any financial relationship with you. The witness(es) must be of legal age in your jurisdiction, they must have capacity and be mentally capable of managing their property and making their own decisions.
If your Power of Attorney will be used to transfer real property (land) your Attorney-in-fact will likely need to have the document recorded in order for the Power of Attorney to be recognized. This takes place at the land registry office in the jurisdiction where the real property (land) is located.