WHAT-IS-AFFIDAVIT. Meaning, examples and elements

Affidavit Report

1. WHAT IS AFFIDAVIT?

2. An  Affidavit  is a formal written statement of facts voluntarily made by an affiant under an oath or a public official such as the notary public or a person authorized to do so. It will be used to prove the truthfulness of a certain statement in court.

3. It is either the personal knowledge of the affiant or his/her  information  and belief or although not based on their personal perspective, the affiant states only what he/she feels they can state as true.

4. EXAMPLES: Affidavit of Power of Attorney A power of attorney (POA) is a legal document signed by one person, known as the principal, that gives another person, the agent, the authority to act on the principal's behalf. However, this authority ends if the principal dies or revokes the power of attorney. Before a thir d- party acts in reliance on a POA, the agent may be required to sign an affidavit stating that the power of attorney is currently in effect and that the principal has not died or revoked the POA.

5. Self-Proving Will Affidavit This is when the signature of a person making a will is notarized. Generally, a will requires at least two witnesses to the maker's signature. Traditionally, when the maker died, it was necessary to have the witnesses testify in court in order to make the will valid. With a  self-proving will affidavit , the will is automatically deemed valid without the testimony of the witnesses.

6. Financial Affidavit This type of affidavit verifies certain financial information relating to the affiant. Financial affidavits are common in divorce cases, where each party must verify their assets, debts, income, and expenses. Financial affidavits are also commonly used in connection with estate planning and various financial transactions such as loan applications.

7. Affidavit of Lost Document If a vital legal document is lost or destroyed, it can often be re-established with an affidavit. For example, if you are owed money under a  promissory note that has been lost or destroyed , it may be possible to re-establish the note by executing an  affidavit of lost promissory note and indemnity agreement . This allows another party to rely on your assurance that the note existed and that you will reimburse the other party in the event of any economic loss due to your assurance.

8. Affidavit of Identity Theft If you have been the victim of identity theft, you may need to provide an affidavit certifying the theft to creditors, banks, and credit bureaus.