Alaska Power Of Attorney Form Template – Forbes Advisor

A power of attorney is a legal document where one person, referred to as the principal, gives another person, known as the “attorney-in-fact,” authority to make decisions for them. The attorney-in-fact doesn’t need to be an actual attorney, but it should be someone the principal trusts to make sound choices on their behalf.

Powers of attorney can be “durable,” which means they are still in effect if the principal becomes incapacitated or unable to make decisions. Durable powers of attorney typically end with the principal’s death. A general power of attorney that is not durable is no longer effective if the principal becomes incapacitated.

An attorney specializing in estate planning would say everyone should use a power of attorney. This is because a person can become incapacitated with no warning and after that, you lose the ability to appoint an agent to act on your behalf.

However, anyone who wants to ensure that a specific person has the power to act on their behalf should consider a power of attorney. While it’s often associated with an inability to make decisions for yourself—whether through age or injury—a POA is a viable tool in any situation where you need someone to act for you.

There are a few requirements needed to draft an Alaska power of attorney. If you have any doubts, be sure to consult with an experienced estate planning attorney. The requirements typically are that:

• The principal can make decisions for themselves
• There is an actual written document
• The document includes:
  • The name of the attorney-in-fact
  • The duties the principal gives the agent
  • The principal’s signature, properly notarized
  • The date

Store the original safely and regularly recheck your power of attorney as circumstances change. Consider also sending signed copies of the power of attorney documents to your attorney-in-fact, financial institution and important family members.

Principals can choose from several types of powers of attorney. But, generally speaking, there are two different categories of powers of attorney:

• those based on mental soundness and
• those based on what they do and don’t cover.

Capacity-Based Powers of Attorney

Protecting assets if someone becomes incapacitated is one of the main reasons for creating powers of attorney. That’s why many POAs are designed based on the capacity of the principal.

• Durable Power of Attorney. Here, the principal intends for the authority granted to the agent to continue even after they become incapacitated. Durability is not presumed in Alaska, which means a POA will not automatically remain effective if the principal becomes incapacitated or disabled.
• General Power of Attorney. A general (or “non-durable”) power of attorney can only be created when the principal is competent. If the principal becomes incapacitated, the POA is no longer effective.
• Springing Power of Attorney. Here, the POA only becomes effective if the principal becomes disabled or incapacitated. It’s also sometimes called a “standby” power of attorney.

Scope-Based Powers of Attorney

These powers of attorney are confined to a specific task or situation. They can be as narrow as a POA to sell a specific piece of property or asset. Or, they can be as broad as granting the agent the power to act in all financial matters for the principal.

The medical power of attorney is perhaps the best-known scope-based power of attorney. In Alaska this is called a health care advance directive. This document grants the agent the power to make medical decisions on behalf of the principal. Typically, this is when principals cannot make those decisions themselves.

Despite the term “attorney-in-fact,” you don’t have to be an attorney to serve in the role. In fact, nearly anyone can be an agent or attorney-in-fact. As long as the person selected is a legal adult and competent, they can serve as an agent.

The most important qualification is not an official one—the attorney-in-fact should be someone the principal trusts. A POA can grant a lot of power to the agent, so it’s essential that the agent be a person likely to do what the principal would prefer.

Signing requirements for a power of attorney differ across states. When you consider the broad powers a POA can grant, the strict requirements make sense.

In Alaska, a POA must be signed before a notary to be valid.

You can use a template like the one provided above to create a perfectly legal power of attorney in Alaska. You could even write one without a template, as long as it meets all the legal requirements.

Just because you don’t have to have a lawyer draw up your POA, though, doesn’t mean you shouldn’t. A power of attorney can give sweeping powers to the attorney-in-fact, so it’s a good idea to have a qualified lawyer review the document before signing.