Obtaining a power of attorney (POA) is a crucial step toward meeting your financial and healthcare needs.
This powerful document allows an individual (known as the principal) to nominate a person they trust (known as the agent) to make decisions on their behalf in case they can’t be physically present to perform transactions or are incapacitated by an ailment or disability. The actions performed by an agent can be related to personal finance, real estate, healthcare, or taxes.
Clearly, obtaining a foolproof power of attorney is crucial. But how do you do this?
Well, in the past, if you wanted to draw up a legal document of this kind, you had to consult a professional attorney in person. But recently, online services have begun offering free printable power of attorney forms.
Are they worth it? Let’s look into some of their pros and cons.
Understanding POA Forms
There are several types of POA forms.
Some are categorized as “springing,” which means they only come into effect when the principal is unavailable or incapacitated.
Others are “durable,” implying they come into effect as soon as they are signed and remain in effect until they are revoked or the principal dies.
A POA can also be limited, which means they assign only specific powers to the agent and are dissolved once the task is complete.
Furthermore, there are POA forms that allow agents to make decisions only on particular matters—such as a healthcare POA or a financial POA—with specific forms for each state in the United States.
Pros of Using an Online POA Form
Downloading a free printable POA form comes with some benefits. Let’s take a look at the three most prominent ones.
It’s Convenient
Many individuals sign a limited power of attorney for the convenience it offers. Having to be physically present for small legal and financial matters isn’t always an option.
Similarly, when drafting a power of attorney document, it’s not always possible to take time off work and adjust our busy schedules to make appointments with an attorney.
Online forms take mere minutes to download and you don’t even have to leave home. This is especially beneficial when you need to nominate an agent in a hurry.
It’s Cost-Effective
As its name suggests, a free POA form doesn’t cost anything to download or fill out. The only time you may need it is if the document has to be signed by a notary, which won’t cost much.
Hiring an attorney to draft a power of attorney, on the other hand, can be a pricey affair. Depending on the scope of the document and the state in question, the costs could range from a few hundred dollars to $1,000.
It Simplifies the Process
Since a power of attorney has such far-reaching implications, it can be complicated to understand and obtain. Not only do you have to figure out which form you need, you also need to read up on the specific laws in your state.
While an attorney can help you with this, it may take a few weeks before you can explain what you need and for the form to reach you. With an online service, you can choose from a list of options and download a form in a matter of minutes. Some services also offer a free editor tool that allows you to customize the POA according to your requirements.
Cons of Using an Online POA Form
That said, there are some drawbacks to using a free POA template. Consider these:
It may be too general
A POA template is exactly as its name suggests—a template. You may be stuck with a form that is too general and doesn’t address your specific requirements.
Of course, this depends on which online service you opt for. Some allow you to customize your documents to a high degree, while others don’t. It’s something worth considering when looking for a free printable POA form.
There’s no lawyer to guide you
Some POAs—such as a limited POA—are straightforward and low risk. The worst that could happen is you make a mistake and have to withdraw your POA.
When obtaining durable POAs that relate to personal finances and your healthcare needs, having a lawyer on board is crucial. Attorneys can ensure you aren’t assigning too much power to an agent, and they can help prevent any disputes from arising. When dealing with such high stakes, an online form may not do the trick.
It may not conform to the law
With so many websites offering free online forms, it’s only natural that some services are more legitimate than others.
To prevent mistakes, we recommend looking into the service provider and ensuring they have the necessary legal expertise. Does the form comply with the latest state laws? Is all the information presented correctly?
Some due diligence can go a long way in ensuring that the form you’re working with was actually vetted by experts.
Conclusion
While there are some disadvantages to getting a free printable POA form, the advantages outweigh the drawbacks in most cases. Online forms are a more convenient option as long as the provider has legal experts onboard and their forms offer a great degree of customization.
