Special Power of Attorney
Candlefocus EditorIn a SPOA, you are the principal and the person you name as your agent is responsible for managing certain specific affairs on your behalf. This can be anything from signing legal documents to making decisions about financial accounts or health care treatments. The agent might also be responsible for negotiating and entering into contracts, or dealing with public officials on your behalf.
The agent's authority will be specified in the SPOA and is limited to certain matters. This is why it is important to clearly state the scope of the powers to be given to the agent. You will also need to include the beginning and end date of the SPOA and the state in which the decisions are to be made.
It is also important to know that SPOA can be revoked by the principal at any time. This means that you can revoke your SPOA and regain control of the matters you had delegated to the agent, as long as the agent has not already taken action on your behalf.
In general, it is highly recommended to get a SPOA, especially when you are managing complex financial or legal matters on behalf of a family member or friend. Even if you are in perfect health, it is still a sensible precaution to create a SPOA so that your wishes can be executed in the event of an emergency or if you are otherwise unable to make your own decisions. In that case, having a SPOA ensures that your designated agent can make decisions in the way you have specified, so that everyone’s interests are protected.