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Power of Attorney
What is required of a durable power of attorney that involves real estate transactions?

What is required of a durable power of attorney that involves real estate transactions?

Q: Can a POA withdraw money from a bank account?

Yes, a durable power of attorney (POA) can allow the agent to withdraw money from the principal's bank account, provided that the document explicitly grants this authority. The agent must act in the best interest of the principal and within the scope of the powers outlined in the POA.

Q: What is the preparation statement for a power of attorney?

The preparation statement for a power of attorney generally includes a declaration that the document is executed voluntarily and in accordance with state law. It identifies the principal and agent, outlines the powers granted, and may state the document's purpose, ensuring clarity and legal compliance.

Q: Which statement best describes durable power of attorney?

A durable power of attorney is a legal document that allows a person (the agent) to make decisions on behalf of another person (the principal) even if the principal becomes incapacitated. It remains effective during the principal's disability, ensuring that the agent can manage the principal's affairs without interruption.

Full question:

What is required of a durable power of attorney that involves real estate transactions in order to be complete? Does the power of attorney need to be registered with the county clerk's office?

Category: Power of Attorney
Subcategory: Real Estate
Date: 04/07/2025
State: Utah

Answer:

Whenever a principal designates another his agent by a power of attorney in writing and the writing contains the words:This power of attorney shall not be affected by disability of the principal. This power of attorney shall become effective upon the disability of the principal, or similar words showing the intent of the principal that the authority conferred shall be exercisable notwithstanding his disability, the authority of the attorney-in-fact or agent is exercisable by him as provided in the power on behalf of the principal notwithstanding:

(a) later disability or incapacity of the principal at law or later uncertainty as to whether the principal is dead or alive; or

(b) the lapse of time since the execution of the instrument, unless the instrument states a time of termination.

Such a power of attorney that involves real estate should give a correct description of the real estate and be filed in the land records of the county recorder's office.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What is the preparation statement for a durable power of attorney?

The preparation statement for a durable power of attorney typically includes a declaration that the document is intended to remain effective despite the principal's disability. It should also identify the principal and the agent, and clearly state the powers granted. Additionally, it may include a statement that the document was executed in accordance with state laws, ensuring its validity.

Can a POA withdraw money from a bank account?

Does a durable power of attorney need to be activated?

A durable power of attorney does not need to be activated in the same way as a springing power of attorney. It becomes effective immediately upon signing, unless the document specifies a different effective date. However, the agent can only act when the principal is incapacitated if the POA includes language indicating it remains effective despite the principal's disability.

What is the preparation statement for a power of attorney?

What are the rules for power of attorney in New Jersey?

In New Jersey, a power of attorney must be in writing and signed by the principal. It should specify the powers granted and include a statement that it remains effective despite the principal's disability. The agent must act in the principal's best interest, and the document should be notarized to enhance its validity. It's advisable to consult state statutes for specific requirements (N.J. Stat. § 46:2B-8).