This Guide will help you create a Power of Attorney for property by:Answering questions about what a Power of Attorney for Property can and cannot do for you and how to create one in the "Common Questions" section. Preparing a Power of Attorney for Property in the "Forms/Letters" section. Giving you more information about life planning in the "Related Articles."If you need to talk to a lawyer, search the "Helpful Organizations."Click on words that appear like 'this' to learn what these words mean.]]> Select from the list below:]]> What is a Power of Attorney for Property?A Power of Attorney for Property (POA for Property) is a form in which you give someone else the right to handle your money and make financial decisions for you. A POA for Property is a good way to make sure that your financial affairs will be handled properly if you will not be able to handle them on your own in the future.]]>Why would I want a Power of Attorney for Property?If a time comes when you are not able to handle your financial affairs, someone else must do so. However, no one else has the legal right to handle your money unless they are named as your legal guardian or you have named someone as your "agent" in a POA. A POA is a way for you to decide in advance who will handle your finances for you. The person you name to handle your money and affairs is called your "agent."The POA can give your agent the right to make all of your money and property decisions, or only the right to decide certain issues. This might include the right to handle your income, or anything else that relates to your money, your belongings, and your other financial affairs.]]>What can my agent do for me?The agent can have the power to handle certain legal and economic affairs:Make real estate or personal property transactionsControl all bank (or other financial institution) transactions or accountsContribute to or withdraw from any retirement plansDeal with any type of insurance or annuity policy or transactionHandle all tax mattersBuy and sell all types of stocks and securitiesOpen and control safe deposit boxesBring or defend or settle all claims or lawsuitsConduct all business operationsBorrow money or mortgage propertyHandle legacies, bequests, or other estate transactions]]>Are there limits on what my agent can do?As long as you are able to make decisions and let your wishes be known, you alone have the right to control your affairs. Your agent does not have the right to change your decisions, but he or she can take those actions needed to do your wishes.The agent does not have any powers that you take out of the POA. The POA can be written to take out any of the powers or to limit them in any way you want.]]>What is my agent required and not required to do?The agent is not legally required to use the powers that you give in the POA or to take responsibility for your affairs. This is true no matter your physical or mental condition. The agent you appoint can decline to act if she becomes sick or decides for any other reason that she does not wish to handle your affairs. Whenever the power is used, the agent is required to use due care to act for your best interest, according to the terms of the POA. ]]>Can I name more than one agent?Yes. However, only one person can be your agent at one time. If you name more than one agent, the power to act for you will go to the second agent only if the first agent cannot or will not act for you.]]>Who should I name as my agent?You should only name people you know well and can fully trust. Many people name their spouse, their children, a close relative or a long-time friend. If your agent mishandles your money, you may need to go to court to try to get the money back.]]>How long does the Power of Attorney last?Generally, a Power of Attorney will remain in effect until your death, unless you say something different in the document. You have the right to end the POA at any time, as long as that you are competent (you fully understand what you are doing). You can end the POA by destroying the Power of Attorney for Property. However, it is best to end the POA by by signing a formal written document that says the POA is over. To read more about how you can end a Power of Attorney relationship, please see the information under "Related Articles". You also have the right to change the POA at any time by changing your agents, adding other agents, or changing any terms of the POA. You must make any changes in writing. Then you, or someone acting at your direction, must sign and date the changes. ]]>Is a Power of Attorney a substitute for a will?No. This is a common mistake. A Power of Attorney cannot be used to state who will receive your property upon your death. A Power of Attorney gives your agent the right to handle your affairs during your life, and the agent's power ends upon your death.]]>Do I need a lawyer to prepare a Power of Attorney?It is smart to have a lawyer prepare a Power of Attorney for you, in order to make sure that the POA is properly written to deal with your financial situation, and to make sure that both you and your agents fully understand what the POA says and means. But, if you cannot afford an attorney you can fill out a POA form yourself. To go to an interview that will automatically prepare the forms for you, please see the information under "Forms/Letters". ]]>Do I sign the Power of Attorney?You must sign and date any Power of Attorney form. You must sign the form in the presence of a witness, and have the form notarized by a notary public.]]> You may use these forms and instructions to help you solve your problem. ]]> 6002index.cfm?fuseaction=home.dsp_content&contentID=6002Durable Power of Attorney for PropertyClick on this link to go to an interview that will automatically prepare your form for you. Please answer the interview questions accurately and carefully to make sure that your form will be correct. You may then print the form. Listed below are other articles that you may find helpful.Note: You may leave this page when you click on a link below.]]>2933index.cfm?fuseaction=home.dsp_content&contentID=2933Wills, Living Wills, and Powers of Attorney5398index.cfm?fuseaction=home.dsp_content&contentID=5398How Do I Create a Power of Attorney for Health Care?5518index.cfm?fuseaction=home.dsp_content&contentID=5518How Do I End a Power of Attorney Relationship?