The Power Of Attorney Legal Document
What is a Power of Attorney (POA)? It is usually a written legal document that states about one person giving to another person his authority and complete power to represent him. Basically there are two parties to it, the principal, and the agent or attorney-in-fact. The principal is the one who gives the power while the other person who receives the power is called the agent. This Power of Attorney document has to be signed by both the principal and the agent in front of two witnesses and a notary.
So how do we actually set up some one else to take decisions on our behalf? Power of attorney documentation has many options depending on the specific requirement. The different types and terms include,
General Power of Attorney
Limited Power of Attorney
Special Power of attorney
Durable Power of Attorney
Springing Power of Attorney
Health Care Power of Attorney
Power of Attorney in Finance
While a General Power of Attorney covers all legal, financial and personal decisions a health care power of attorney pertains to medical care and treatment. A limited POA must specify details of power designated, while in a durable POA, the agent's power to represent will continue to be in effect even if the principal becomes invalid, mentally unstable or out of capacity.
The securities broker who trades in the principal's account and performs extensive investment functions on the principal's behalf without consulting the principal, must be formally granted the power of attorney. There are many standardized legal "power of attorney" forms available specifically for clients, customers, patients, employees, or members. In some of the US states, statutory power of attorney forms are also made available.
About the Author: The author of this article is John Kessel of Managed Outsource Solutions , a US based company that offers services in Legal Outsourcing and Legal Transcription for clients across the US.
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Print Article | Download PDF | 18 views | May 09 2008
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