Attorney Approved Version!

The financial power of attorney is a powerful legal document you can use to entitle an agent to perform a range of monetary related transactions on your behalf.

Standard forms in Pennsylvania entitle you to authorize an agent to manage the following matters for you:

Banking transactions
Real property transactions
Stock and bond transactions
Commodities transactions
Business operations
Estates and trusts
Litigation
Personal maintenance
Retirement plans
Taxes

You can choose any number of these subjects, or you can allow the agent to act for you regarding only one. It is important to tailor the document to your needs to minimize the risk of your agent doing anything beyond your wishes. Pennsylvania revised its law to require a lengthy notice at the beginning of all power of attorney forms. This notice reiterates to the principle that the form grants a great deal of power to the agent, and informs the agent that he or she assumes legal duties by acting under the document.

Laws – Title 20, Chapter 56 (Powers of Attorney)

Signing Requirements – The principal is required to sign in the presence of a notary public and two (2) witnesses. The agent is required to sign and may do it themselves and does not need to be acknowledged and without witnesses (§ 5601(b)(3)). Unless specifically provided otherwise in the power of attorney, all powers of attorney shall be durable (§ 5601.1).

Source – judicialtitle.com/word/PA_POA.doc