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Power of Attorney

A power of attorney is a legal document authorizing a person to act on another's behalf in a business or legal matter.  The "principal" of the power of attorney gives the "attorney in fact" the power to act and provide legal signature on his behalf in a single or general instance(s) depending upon the authority granted in the power.  The former is usually called a "limited" or "special" power of attorney.  Often a power of attorney is used to complete a real estate transaction where one of the principals cannot be present.

The "attorney in fact" or agent has a fiduciary responsibility to the principal of the power of attorney and is required act in complete honesty and loyalty to the principal.

Although a power of attorney may be an oral agreement, it is common that a written document be produced.  A principal of law called the equal dignity rule requires that parties afford the attorney in fact the same formality as if he/she were the principal of the power.

A power of attorney normally is valid until the death or incapacitation of the principal.  It may be valid in spite of incapacitation but it must specify so in the agreement.  This is referred to as a durable power of attorney.  Durable powers of attorney are often used to appoint an individual to make health care decisions for another.

Another agreement called a "springing power of attorney" can provide that the power only becomes effective upon the happening of a specific event such as the incapacitation of the principal.  In this event, the power of attorney is invalid until and unless the principal becomes incapacitated.

The principal may revoke a power of attorney at any time unless the power states that it is irrevocable.  In that case the power will remain active until the death or incapacitation of one of the parties.

 

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AposPower Of Attorney Meant Dad Lost Everythingapos BBC News BBC News
BBC News 39Power of attorney meant Dad lost everything39 BBC News BBC News Military veteran Frank Willett gave his neighbour power of attorney and lost everything. and more raquo

Fields: Georgia Gets New Uniform Power Of Attorney Law Business In Savannah
Business In Savannah Fields: Georgia gets new uniform power of attorney law Business In Savannah A power of attorney is a legal document that grants authority to an individual the agent or attorney in fact to act on behalf of another individual the principal. Powers of attorney will contain a list of powers that the agent is authorized to

Warning Over Power Of Attorney Risks BBC News BBC News
BBC News Warning over power of attorney risks BBC News BBC News A retired senior judge has warned of the lack of safeguards in the power of attorney system in England and Wales. Denzil Lush says people should be far more Children using powers of attorney to take advantage of their parents Telegraph.co.uk Power of attorney orders are wide open to abuse, says former senior judgeThe Sun Senior UK judge warns against power of attorney agreementsFinancial Times The Times www.professionaladviser.com AOL UK all 13 news articles raquo

Power Of Attorney, Pensions And The Supermarket Challenge Financial Times
Financial Times Power of attorney, pensions and the supermarket challenge Financial Times In this week39s FT Money Show podcast, presenter Claer Barrett talks to Lucy Warwick Ching about whether appointing a lasting power of attorney is a sensible piece of financial planning or something that could leave you vulnerable to financial abuse.

FACTS FOR FAMILIES: The Power Of A Power Of Attorney Journal Gazette And Tim...
Journal Gazette and Times Courier FACTS FOR FAMILIES: The Power of a Power of Attorney Journal Gazette and Times Courier Two commonly used legal documents are power of attorney of property and of health care. A durable power of attorney for property allows you to designate another person to handle and make decisions about your finances including investments, bank

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Facts of Law on powers of attorney contracts

Facts of Law - Powers of Attorney