The definition of "Power Of Attorney."
The term “power of attorney” refers to the legal authority granted by one person, known as the donor or principal, to another person, known as the decedent or agent, to act on his behalf. A “Power of Attorney” may be granted to one or more people jointly by two or more people.
Here, the principal grants the agent a legal authority that may be broad or narrow and allows the agent to make all necessary decisions, including those relating to finances, real estate, and other matters, when the principal is unable to sign or in the event of the principal’s illness or disability.
A power of attorney can also refer to a document that a principal signs and grants authority to an agent. A power of attorney document should be easy to read and understand.
Importance of Power of Attorney
One of the most important but misunderstood components of estate preparation is the power of attorney paperwork. As business and commerce transactions progress, having someone else represent you is frequently handy or even required.
Powers of attorney and wills are sometimes confused, although they serve very distinct purposes and are two quite different types of legal papers.
A will becomes effective on the day of death. A POA is effective while the individual is alive and expires upon his death. In light of the fact that they are complementary and do not cross over, you truly need both a POA and a will.
There are two different kinds of POA: one for property and one for personal care, which gives the topic a unique spin. They are very different from one another. They both deal with many aspects of your life and are necessary for efficient estate planning.
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