Do you require a Power of Attorney if you are going overseas this summer? Consider executing a Special Power of Attorney for the duration of your absence.
What you’ll discover:
Why do I require a Special Power of Attorney while abroad?
What is the duration of a Special Power of Attorney?
Will a Special Power of Attorney remain valid if I die?
Can I rescind a Special Power of Attorney granted in the United States while I am abroad?
Many Americans are planning travels abroad this summer as COVID-19 immunizations become more widely available, international boundaries reopen, and foreign countries welcome visitors back. International travel necessitates several duties that most domestic travelers do not have to think about, such as ensuring your passport is current, acquiring any necessary foreign visas or permits, and meeting foreign countries’ precautionary health and immunization requirements. Travelers, on the other hand, frequently overlook the importance of having a Power of Attorney. If you are going to depart the United States, you should also create a Special Power of Attorney for the time period you will be out of the nation.
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Why do I require a Special Power of Attorney while abroad?
You may already have a power of attorney if you have finished other succession preparation papers. While there are various kinds of power of attorney papers, the most common is a General Power of Attorney, which allows a trustworthy representative to handle your business if you become disabled. A Special Power of Attorney differs from a General Power of Attorney in that it is usually for a limited duration and may provide more focused or restricted powers than a General Power of Attorney.
A Special Power of Attorney, for example, could empower a trustworthy local acquaintance or family member to handle unforeseen crises in your absence. If your home or vehicle were damaged by a storm or another unforeseen issue occurred while you were thousands of miles away, a Special Power of Attorney could authorize your agent to communicate with your property and casualty insurance companies and financial providers to handle any personal affairs requiring in-person action. If you own a company, you could give a business associate or important staffer a Special Power of Attorney to make business choices and manage deals in your absence.
When traveling, having a Special Power of Attorney in place can provide useful piece of mind, allowing you to appreciate your foreign trip to the utmost.
What is the duration of a Special Power of Attorney?
Special Powers of Attorney are frequently used for short spans of time, such as the length of a foreign journey. A Special Power of Attorney does not have to have an expiration date. If you do not specify a time restriction, the paper will remain in effect until your demise, unless you choose to rescind it before then.
If you establish a Special Power of Attorney and want to restrict its length, consider extending the end date until several days (or weeks) after your anticipated return to the United States. This could guarantee that your representative retains power if you are suddenly delayed.
Another thing to think about is whether to make your Special Power of Attorney “durable,” which means that your agent’s power to act, as stated in your document, will continue until the end date (if relevant), even if you become disabled. In the event of your disability, your agent’s authority to act would be terminated under a non-durable power of attorney. In general, most visitors should prepare lasting powers of attorney. However, depending on your specific conditions and objectives for the Special Power of Attorney, a non-durable instrument may be more appealing.
Will a Special Power of Attorney remain valid if I die?
Any power given to an employee under a Special Power of Attorney, like a General Power of Attorney, terminates the instant you die. In other words, you cannot establish a Special Power of Attorney authorizing a representative to make your burial plans after you pass because the paper will no longer be valid at that time.
If you don’t already have one, you can write a Will and appoint someone to be your administrator or personal agent, granting that individual authority over your assets after your death. Your power of attorney agent and administrator or personal representative may be the same individual, but the papers under which they operate vary based on the conditions.
Can I rescind a Special Power of Attorney granted in the United States while I am abroad?
If you determine you want to revoke your agent’s power under a Special Power of Attorney for any cause, you can do so in writing. The Revocation of Power of Attorney paper should include the date of your Special Power of Attorney as well as the agent’s name, as well as the fact that you want to rescind that agent’s power. The completed withdrawal document must be given to your representative, as well as any banking organizations or other suppliers who may be depending on the initial Special Power of Attorney document in the lack of cancellation notification.
The official notification may need to be certified depending on your state’s regulations. While you are overseas, this may create difficulties, but some states now allow for online notarization, which may ease the issue.
