What Is Power of Attorney Alaska?

 

When a person cannot handle their own financial and legal responsibilities, someone else may need to step in. What is Power of Attorney Alaska? Read here to find out.

 

What Is Power of Attorney Alaska?

 

What Is Power of Attorney Alaska sectionA power of attorney is a legal document that you may use to delegate legal authority to another person. The person who executes or signs a Power of Attorney is usually the “Principal.” A
Power of Attorney grants the “Attorney in Fact” or the “Agent” the legal authority to make financial, property, or other legal decisions on behalf of the Principal. Under the law, the powers you as the Principal can give to an agent vary from very limited to very broad.

A Power of Attorney is regularly used when a Principal is struck by disability or illness, making it impossible for them to do business or sign necessary legal papers.

A power of attorney is one of the most important topics in planning your estate since it enables you to give legal authority to someone else to act as your agent in case you become incapacitated.

And unlike what it sounds like, the agent doesn’t have to be an attorney at all. It can be your spouse, your grown child, or anyone you feel you can trust to make the best decisions for you. Note: You MUST have signed and have notarized your power of attorney BEFORE you become disabled or incapacitated. Otherwise you will have to go to court and have a guardian or conservator appointed for you. This is called living probate.

 

What Happens When You Grant Power of Attorney?

Your designated agent or attorney in-fact your financial affairs if you’re rendered unable to do so, due to a medical condition. or any other, you would choose someone with whom you’ve shared how you want your affairs handled under various circumstances.

A power of attorney can be a limited power of attorney or general power of attorney. A limited power of attorney is usually temporary and limits the functions of the person you designate. For instance, you may appoint someone to just sign checks so that bills may be paid.

Another type of power of attorney allows your appointed agent to have the same power as you. They can make any decision that would normally be left up to you.

Contact the offices of Wyatt & Butterfield Law if you need to draft Power of Attorney documents at 907-277-0300. If you need Power of Attorney documents that range from durable Power of Attorney to springing Power of Attorney, do not hesitate to contact us right away.

 

Alaska Power of Attorney

 

Alaska Power of AttorneyUnder Alaskan laws, there are several different types of Power of Attorney arrangements. These include springing, limited, durable, and general powers.

  1. Non Durable Power of Attorney – This is typically used for specific transactions such as allowing agents to handle the Principal’s financial affairs or the closing of the sale of a residence of the Principal when he is traveling outside the United States.
  2. Durable Power of Attorney – This grants powers to the agent to sign and continue to act for the Principal even when the Principal is determined to be not physically able or mentally competent to make decisions. This can usually be deployed immediately and is typically enforceable until the Principal revokes it or upon his death.
  3. Springing Power of Attorney – This type becomes effective in the future. As such, a specific event indicated in the Power of attorney that triggers the execution of the Power of Attorney clause.

You should note that the Springing Power of Attorney typically has a clause that asserts that it is up to the Principal’s physician to determine if the Principal has the mental or physical capacity to handle their legal or financial affairs.

This type of Power of Attorney is usually effective until revoked in court or the Principal’s death. Suppose you believe you may be unable to perform your legal or financial responsibilities. In that case, you may delegate such powers to a loved one, agent, or someone who will then act on your behalf.

A power of attorney can take effect immediately upon signing or it can be expressly written that it doesn’t take effect until and unless you’re incapacitated. In either case, it’s highly important that conditions are clearly written out in the document.

You may also want to consider a Health Care Power of Attorney. If you’re unable to communicate your wishes concerning your health care, it’s in your best interest to have a proxy who understands which actions or decisions you’d make under certain circumstances. Because there would likely be life or death decisions involved, you should choose someone you trust. At Wyatt & Butterfield Law, we understand the responsibility you are passing through the powers of attorney. We can guide you into creating the perfect power of attorney for your needs if you are unable to perform your duties.

 

Benefits of a Power of Attorney Document

 

Benefits of a Power of Attorney DocumentAnyone might become unable to perform their duties at a certain point in time. After all, life is uncertain. However, with a Power of Attorney document, you can ensure that your estate plans proceed according to your wishes.

At Wyatt & Butterfield Law, we also deal with family law, wills, trusts, and more, and we understand more about what a Power of Attorney entails. By combining our areas of focus, we can help you achieve the right Power of Attorney acts for your needs.

 

Alaska Power of Attorney Statute

 

Alaska Power of Attorney StatuteThe powers of attorney are governed by the Power of Attorney statute A.K. Stat § 13.26.645 – 13.26.665  (2018). According to the statute:

Springing, durable or nondurable powers of attorney may be used to grant legal powers to agents that may include the authority to:

  • Make gifts on your behalf
  • Sell or buy real estate
  • Attend to retirement or tax matters
  • Manage property
  • Conduct litigation and make legal claims
  • Invest your money
  • Conduct your banking or other business transactions

 

How to Get a Power of Attorney

 

How to Get a Power of AttorneyIf you need to grant another person the authority and responsibility for your legal and financial transactions and affairs, the Power of attorney may come in handy.

Some of the legal requirements for Power of Attorney documents include having the mental capacity for creating a P.O.A. and having the document notarized.

 

Power of Attorney Steps

The steps in the execution of a Financial Power of Attorney include the following:

  1. Create the Power of Attorney document using either an attorney, software, or statutory powers of attorney form. This usually includes checking off or selecting for specific powers you will grant a guardian, agent, or other entity to act jointly or individually.
  2. Sign the completed Power of Attorney forms in the presence of a notary public
  3. Store the original Powers of Attorney documentation in a safe place where your loved ones can get to them when you cannot sign off or perform a range of legal and financial acts.
  4. Furnish your Attorney-in-Fact or agents with a copy of the Powers of Attorney document to be familiar with it when the need arises.
  5. File a copy of the Power of Attorney document with the land records office, often referred to as the Recorder’s Office. When you file with the Recorder’s Office, the agent’s authority will be respected in case he needs to mortgage, transfer or sell real estate for the Principal.
  6. Provide a Copy to Financial Institutions – A copy of the completed Power of Attorney papers should also be provided to institutions and banks that your agent or agents may have to deal with. Since banks can be selective about Power of Attorney papers, this may smooth the way for whatever entity you have given the powers of attorney to.

As one of the most experienced estate planning attorneys in the state, Wyatt & Butterfield Law has helped many clients with the Power of attorney preparation process. They can draft cohesive documentation to ensure that your agents will meet your financial and legal responsibilities smoothly and efficiently.

 

Power of Attorney Form Alaska

 

Power of Attorney Form AlaskaUnder the law, a Power of Attorney document can only be executed on a statutory form drafted by the state legislature. The form usually comes with blanks that the Principal needs to fill out to create the Power of Attorney document. You can either use a software program that will guide you on the questions to answer to make a power of attorney document or, if not, hire an estate planning lawyer who will create one for you.

You may also access a more comprehensive estate plan that includes everything from wills to trusts by working with a lawyer.

 

Power of Attorney Powers

Some of the specific powers given to the agent may include conducting or controlling:

  1. Commodities, shares, and bonds transactions
  2. Insurance transactions
  3. Banking transactions
  4. Retirement plans
  5. Real estate transactions
  6. Receiving benefits from military or civil service or governmental programs

If you need your Power of attorney to retain its authority when you as the Principal cannot sign documentation due to incapacitation, the document will have to be explicit in indicating so.

 

Get Experienced Guidance for End-Of-Life Matters

 

Get Experienced Guidance for End Of Life MattersEnd-of-life care can be overwhelming and confusing. Seek the help of a committed Anchorage attorney to draft these essential legal documents for you.

Contact an estate planning attorney at Wyatt & Butterfield, L.L.C. to help you through the process. The Wyatt & Butterfield Law firm helps clients make the Power of attorney documentation that gives their agents the power to act on their affairs. With such powers of attorney, you can be confident that your business will continue to run even when you cannot attend to it.