A power of attorney is a legal document that allows someone else to act on your behalf. ... When used for advance planning, a POA generally is “durable,” meaning it continues to be effective even if the person creating it becomes incapacitated.
1. About the Power of Attorney. ... A Power of Attorney might be used to allow another person to sign a contract for the Principal. It can be used to give another person the authority to make health care decisions, do financial transactions, or sign legal documents that the Principal cannot do for one reason or another.
A Power of Attorney is a legal document you use to allow another person to act for you. You create a legal relationship in which you are the principal and the person you appoint is the agent. A Power of Attorney specifies the powers you give to your agent.
Who Needs a Power of Attorney? Anyone who wants to permit another person to perform certain legal acts on his or her behalf needs a power of attorney (or POA). A power of attorney document can allow another person to handle financial matters, make health care decisions, or care for your children.
Power of attorney (POA) of property is a legal document transferring the legal right to the attorney or agent to manage and access the principal's property in the event the principal is unable to do so themselves.
What Are the Disadvantages of a Power of Attorney?
If the agent is acting improperly, family members can file a petition in court challenging the agent. If the court finds the agent is not acting in the principal's best interest, the court can revoke the power of attorney and appoint a guardian. The power of attorney ends at death.
A person with power of attorney (POA) cannot change a will. ... Under a POA, the agent can have limited authority, such as paying bills on someone else's behalf, or broad powers, such as managing all finances or medical care of someone. For a last will and testament, only the person drafting the document can make changes.
Unfortunately, you can run the risk that the agent you choose to give your Power of Attorney could abuse the power by spending your money or taking your money without your knowledge or worse without your permission. ... The person acting as your Power of Attorney has the power to sell your property, or mortgage it.
Powers of Attorney Come in Different Flavors
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