FAQ Friday: What is a Power of Attorney? A power of attorney is a document which gives an individual known as the agent or attorney-in-fact authority to act on the behalf of the principal or the person granting the power to the agent. A durable power of attorney remains in effect until it is revoked by the principal or the principal dies. The agents authority is limited to the actions permitted in the document. The power may be granted immediately upon execution of the document or it may be springing whereupon the power is granted upon the occurrence of a specified event such as incapacitation of the principal. A power of attorney can be revoked by the principal at any time, so long as the principal is not disabled, and ceases to be effective at the principal’s death. A durable power of attorney may designate an agent to handle both or either medical and business and financial issues. This is an especially important document that would allow for the avoidance of expensive and time-consuming guardianship proceedings.
Posted on: Sat, 24 Jan 2015 02:47:11 +0000
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