What is a power of attorney?
A power of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, and other legal matters. It gives you the ability to appoint a person of your choice to manage your personal and business responsibilities if you are away or become ill.
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Types of POA Documents
Durable Power of Attorney
The most common type of power of attorney, allows a person to grant someone else the unrestricted ability to handle financial transactions on behalf of the principal.
Medical Power of Attorney
Used by an individual to select someone to handle their health care decisions in the chance they are not able to do so on their own.
Real Estate Power of Attorney
For a buyer or seller of property that would like to hand-over their rights in relation to handling the negotiation and transaction at closing.
Vehicle Power of Attorney
Typically provided by a state’s Department of Motor Vehicles (DMV) or related agency to allow another person to sell, register, or title an automobile.
Why should I have a Power of Attorney?
A power of attorney is a legal document that allows an individual to appoint another person or entity to act on their behalf to administer their affairs. The person who forms the power of attorney is known as the principal and the person granted the authority over the affairs is the agent. A power of attorney is in effect only as long as the principal is alive and it can only be enacted by a principal who is mentally competent.