Admin What Does power of attorney allow you to do?
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.
What are the limits of a power of attorney?
The POA cannot make decisions before the document comes into effect — conditions will be outlined with approval of the Agent and Principal. The POA cannot be officially nominated unless the Principal is of sound body and mind. The POA cannot use the Principal’s assets or money as their own.
What are the responsibilities of the power of attorney?
Power of Attorney Responsibilities. A power of attorney gives you (the agent) the legal right to act on behalf of someone else (the principal). The power of attorney document may allow you to make decisions about financial matters, medical treatment or living arrangements, or represent the principal in any legal matters.
What is the purpose of a power of attorney?
The purpose of a General Power of Attorney is to appoint one or more persons who will make financial decisions and transactions on your behalf, and in your best interests, in the event you become medically incapacitated. The General Power of Attorney lists the specific transactions your appointed agent(s) may undertake in your name.
What is power of attorney and how does it work?
A Power of Attorney (POA) is a document that gives another person chosen by you, the power to undertake acts or deeds when you cannot physically be present. In essence, a Power of Attorney gives the designated person the power to execute deeds or sign certain contracts on your behalf.
How responsible is the power of attorney?
Specific and General Responsibilities. There are two general types of power of attorney.