Power of Attorney (POA)
Power of Attorney (POA)
A Power of Attorney (POA) is a legal document that authorizes someone (the agent) to act on behalf of another person (the principal) in specified matters. Key points include:
1. Types: General, Limited, Durable, and Springing
2. Grants authority for financial, legal, or healthcare decisions
3. Can be broad or limited in scope
4. Must be signed by the principal while mentally competent
5. Usually requires notarization or witnesses
6. Can be revoked by the principal at any time if competent
7. Ends upon principal’s death or incapacitation (unless durable)
POAs are crucial for ensuring someone can manage your affairs if you’re unable to do so. They’re commonly used for elderly care, business matters, or during extended absences. It’s essential to choose a trustworthy agent and clearly define their powers. Regular review and updates are recommended to ensure the document remains current with your wishes and circumstances.