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Facts - Books - News    U.S. Facts Of Law:

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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7 Big Estate Planning Mistakes The Power Of Attorney Trap Forbes
Forbes 7 Big Estate Planning Mistakes The Power Of Attorney Trap Forbes This is the second installment of my seven part series on major estate planning mistakes. In the first installment, I discussed how people expect too much from a will. Now, we move on to a second major mistake. Mistake 2: Expecting too much from a

The Importance Of Durable Financial Power Of Attorney Investopedia Blog
Investopedia blog The Importance of Durable Financial Power of Attorney Investopedia blog Most people are familiar with the concept of a power of attorney, a document that allows someone else to act on your behalf. According to legal definitions, the individual designating the power of attorney is the principal and the designated person

In Texas, A Power Of Attorney Is No Alternative To An Assignment Of Benefits ...
JD Supra press release In Texas, A Power of Attorney is No Alternative to An Assignment of Benefits JD Supra press release Second, the law is clear in Texas that negotiating an insurance claim, even with a limited power of attorney, constitutes the unauthorized practice of law. Green v. Unauthorized Practice of Law Committee, 883 S.W.2d 293 Tex.App. Dallas 1994, no writ

Welcome To The Annual General Meeting For HMS Networks AB In Halmstad GlobeN...
Welcome to the annual general meeting for HMS Networks AB in Halmstad GlobeNewswire press release If a shareholder is represented by a proxy, the proxy should be issued with a power of attorney dated for this day. If the power of attorney is issued by a legal entity, a certified copy of the registration certificate, or other document demonstrating and more raquo

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Facts of Law on powers of attorney contracts

Facts of Law - Powers of Attorney