Power of attorney forms are state specific and an Alaska power of attorney must be complaint with Alaska statutes and be notarized by a notary public to be legally recognized.
The statute regarding power of attorney outlines a lengthy guideline to composing a legally enforceable power of attorney document. Though the document is never turned in to any legal authority and is kept in the possession of the signees, it is very much a legal document and is to be presented when performing power of attorney duties. Title 13, Chapter 26 of the Alaska Statues outline:
There are many reasons why someone would use an Alaska power of attorney form to give authorization over their personal, business, or medical affairs to a close friend or family member whom they trust. Age, failing health, and disability are common reasons why someone would want their affairs handled in specific ways, should anything unfortunate happen to them, or if their health gets to a point where they are no longer capable of handling their own affairs. One example where a power of attorney would be useful would be in a case where a person has Alzheimers or dementia.
When something unfortunate happens, it is often too late to delegate how a person wants their affairs to be handled. There are many horror stories where incapacitated individuals had none of their wishes met because they didn’t have any power of attorney forms in place. As no one knows what will happen tomorrow, it’s advised that everyone from the terminally ill to the perfectly healthy establish a power of attorney so their wishes are fulfilled, and their affairs are properly handled.
Granted, a person with dementia may require different power of attorney needs than a person with a terminal illness. Similarly, a business owner with dependent children will have different power of attorney needs than a single person with no children. Each person’s power of attorney needs will vary. Thankfully, there are many types of power of attorney. Here are a few of the most common:
General Power of Attorney
A general power of attorney grants a single individual to handle all financial matters on behalf of the grantor, whether it be business or personal monetary affairs. However this authorization would become null and void should the principal become incapacitated, or if he or she were to pass away.
Durable Power of Attorney
A durable power of attorney is used to allow an agent to act on the behalf of the grantor in specified situations. The term "durable" comes from the fact that this authorization continues if the grantor were to become disabled or incapacitated.
Limited Power of Attorney
A limited power of attorney has limited power to whatever the grantor specifies. In many cases, an agent will have power to handle finances, or make medical decisions, but will not have authority to do other things such as sell property (depending on what the grantor decides). Just like a general power of attorney, the authority diminishes if the grantor dies.
Medical Power of Attorney
A medical power of attorney, also known as an advanced health care directive, grants power to the agent to make medical or health decisions on the grantor’s behalf. This is commonly used by individuals who are terminally ill, elderly, or for those who may work a high-risk job such as a commercial fisherman or a logger.
Minor Children Power of Attorney
Known in the state of Alaska as form PG-700, this type of power of attorney allows a parent to grant decision-making rights over their child to a temporary guardian in the case that the parent may not be present during a medical emergency. This form is generally used if the parent must leave the country for period of time. In Alaska, this period may be for no more than one year.
Real Estate Power of Attorney
A real estate power of attorney allows the agent to buy, sell, or manage real estate on the grantor’s behalf.
Revocation of Power of Attorney
The form ends the current power of attorney form in place and effectively ends the grantor-agent relationship.
Tax Power of Attorney
Initiated by Form 775 POA, this power of attorney form allows a capable individual, generally an accountant, to handle all tax preparation and submission needs on the grantors behalf.
Vehicle Power of Attorney
This form, officially known as Form 847, grants the agent power of attorney to handle all documents relating to the title and registration of the of the grantors vehicle.