March 13, 2018 | by Thomas Day
A power of attorney is a legal instrument which grants unto another person -- the agent -- the authority to act as a legal representative and to make binding legal decisions, medical treatment decisions and financial decisions on behalf of the person granting the power. It should be noted that a power of attorney is limited in its scope to the powers granted within the document. A power of attorney can have very limited scope and only give the agent the authority to conduct a one-time action. Or a power of attorney can have wider scope and allow an agent to conduct all financial affairs on behalf of the grantor including gifting and the ability to enter into real estate transactions.
A power of attorney may also authorize certain individuals to make medical treatment decisions on behalf of the person granting authority. A power of attorney can in no way take away the personal rights of anyone creating the document. As long the person granting authority remains competent to manage his or her own legal affairs, the document can be canceled at any time. It is important to remember that cancellation of a power of attorney will not stop someone with that power to continue to conduct business on behalf of the person granting authority. If the agent is never notified or is intent on abusing the power, there is no government or community mechanism in place to stop him or her. This means that all original copies of the power of attorney must be accounted for and taken back if it is canceled.
Here are the common types of powers of attorney.
Continue Reading - Understanding Powers of Attorney
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