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-Power of
Attorney-
A legal document giving one person (called an "agent" or "attorney-in-fact") the power to act for another person (the principal). The agent can have broad legal authority or limited authority to make legal decisions about the principal's property and finance. The power of attorney is frequently used in the event of a principal's illness or disability, or when the principal can't be present to sign necessary legal documents for financial transactions.
-Dictionary.com
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Financial Power of Attorney
A power of attorney, otherwise known as a durable power of attorney, is a mechanism to allow someone else to manage your interests and property while you are living. It can be an important part of your preparations, as it can prevent the need for others to petition a court to name someone to act in your behalf should you become incapacitated for any period of time. It can also simply be used for your convenience, to handle particular matters that are difficult for you because of your location, time-constraints, or failing health.
A power of attorney should be notarized to ensure its full recognition by third parties. You must name a specific person, persons, or entity as your attorney-in-fact to act as your agent, and you should set out specifically what this agent is authorized to do. You may grant a very broad agency or a very limited one. For example, you may establish a power of attorney to manage all your legal and financial affairs, or you may authorize only the selling of a specific property owned in another state.
You may revoke a power of attorney at any time, either before your agent has accepted your delegation of power, or after. The agency created by a power of attorney will not survive your death, but can extend throughout your lifetime, if that is your desire. Upon your death, your estate executor or personal representative will usually assume any powers formerly held by your attorney-in-fact.
Medical Power of Attorney
State legislatures have authorized medical powers of attorney. As such, you may also designate an attorney-in-fact to make medical decisions for you. It is generally best to create this agency in a separate document, as it is created for very different matters and directed toward a different third party than those of a financial power of attorney.
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